16 Sony Centres jump the tracks, liquidator hits the brakes
RSM Tenon appointed to flog what's left
RSM Tenon has been appointed to liquidate a batch of 16 Sony Centres that ran into insurmountable financial difficulties.
The franchises operated by Bascam and Headsun, which formerly traded as Shasonic UK and Shasonic Centres respectively, were formally placed into administration on 21 February with RSM handling affairs.
A spokesman at the insolvency practitioner confirmed to The Register that partners Alexander Kinninmonth and David Green were yesterday appointed joint administrators at a meeting of creditors.
"We are trying to sell the stores where possible," he said, adding that 11 outlets are in Greater London, one is in Hertfordshire and another is in the north-east.
The businesses succumbed to weak consumer demand and suffered a decline in turnover, RSM's spokesman added. He said it was too early to detail the list of creditors or the assets for sale.
In a statement, Sony said: "All Sony manufacturer product warranties related to the companies' operated stores will be honoured."
The two firms that ran the retail outlets shared common directors, Narendra Shah and Prabagar Narayanasamy, and the same London HQ.
In accounts for the year to 30 June 2010, Bascam made losses of £37,000 compared to a profit of £116,000 in the previous twelve months, on sales of £12.1m, down 2.4 per cent. It employed 61 staff compared to 71 a year earlier.
Headsun filed abbreviated accounts for the same period, showing net assets of £271,000.
Only last September, Sonnex Communications - operator of 15 Sony Centres - was placed into the hands of administrator BDO by Sony after it defaulted on a loan agreement.
Sony confirmed that the management of three stores was transferred to other Sony Centres and that the remaining 12 stores have "ceased trading". Sonnex had total assets of £1.8m and total liabilities of £3.27m. ®