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The Gap Partnership

Sales negotiations underway for remaining Stokes stores

Administrator KPMG is in sales negotiations over the future of seven south-west shops.

31 October 2010

Sales negotiations are taking place regarding a number of Stokes shops in the south-west.

Nine Stokes greengrocers across the region have been closed after a buyer did not emerge.

The UK's largest independent greengrocer has so-far closed 20 of its 27 stores since falling into receivership earlier this month, but administrator KPMG is involved in sales negotiations for the remaining seven stores.

Richard Hill, a partner in the financial services firm, explained: "While we remain in negotiations regarding the sale of the seven stores which are continuing to trade, the shops that are closing today have not attracted interest as a going concern."

Among the latest closures were stores in Bristol, Exeter, Falmouth, Honiton, Tavistock, Torquay, Totnes and Wadebridge.

Mr Hill said that the firm is hoping to issue an update on the remaining stores, which together employ more than 100 people, "very soon".

Earlier this week, those involved in first-time sales negotiations were advised to do everything in their power to secure the best possible price for their desired asset.

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