Restructuring Advisory

High-profile investigation of major UK retailer

FRP appointed to case with potential claims of up to £400 million


FRP was appointed as the replacement officeholder – with the support of the Pension Protection Fund (PPF) – to conduct a large-scale, high-profile investigation into the insolvency and recent financial history of a major UK retailer.

The business was part of a larger group of companies, some of which were subject to separate insolvency proceedings. The company had a historic property portfolio of more than 200 leasehold and freehold properties, with potential claims of more than £400 million.


The FRP team carried out a detailed forensic collation and discovery of electronic and hard copy records, extensive interviews, and third-party requests for information from numerous sources.

A robust review of financial records, management decisions and historic dealings with advisers enabled the team to establish a picture of financial history and trace material transactions and key events. The investigations were carried out with ongoing, regular liaison and co-operation with the PPF to ensure key stakeholder management.


Our investigations led to the successful conclusion of landlord claims, achieving a mitigation of unsecured liabilities of more than £250 million. We were also able to reach agreement with a floating charge creditor, resulting in the release of charge and of more than £30 million from reserves into funds available for unsecured creditors.

Substantial investigations are continuing in this case, with further avenues of recovery being identified and pursued.


£250 million

FRP’s investigations led to a mitigation of unsecured liabilities of more than £250 million

Related team

Tony Wright

Tony Wright

  • Partner
  • Restructuring Advisory
  • London

Laura Dymott

Laura Dymott

  • Director
  • Forensic Services
  • London