Home / Retail / PPF demands Toys R Us line up ‘independent’ administrator

PPF demands Toys R Us line up ‘independent’ administrator

The pensions lifeboat is demanding that directors of Toys R Us UK line up an ‘independent’ administrator if talks about a rescue of the chain break down in the coming days, Sky News has learned.

Alvarez & Marsal (A&M) recently secured approval for a deal that was supposed to safeguard Toys R Us UK’s future, and which only secured the PPF’s support at the eleventh hour.

Sources close to the situation said that the PPF was "uncomfortable" about A&M handling the chain’s administration because of its role orchestrating a Company Voluntary Arrangement (CVA) approved three days before Christmas.

A spokesman for A&M said in a statement issued to Sky News on Tuesday: "We understand that the PPF has written to the directors of Toys R Us UK.

"We are aware of our professional responsibilities."

This latest development comes just days before Toys R Us’ deadline to pay its £15m VAT bill to HMRC.

About Robert Hutchins

Check Also

Bargain Max launches arts and crafts competition for kids at home through lockdown

The UK online toy retailer Bargain Max has launched a nation-wide competition to look for …