Woolies issues update

Woolies administrator Deloitte has issue an update statement on the Group's current situation.
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Neville Kahn, reorganisation services partner at Deloitte, commented: “Since being appointed as Administrators on 27th November we have received substantial expressions of interest in both Woolworths Plc and Entertainment UK Ltd (EUK). We continue to hold discussions with a number of parties interested in buying Woolworths and EUK as going concerns, including with a number of new parties which have approached us in the last few days. We expect talks to continue into the early part of next week.

“At the same time, we have received a substantial number of bids from parties interested in the Woolworths properties and have gone under offer on a large number of the stores.

“We are working as quickly as possible to assess proposals. We continue to work hard to ensure that any sale of the businesses, in whole or part, will preserve jobs. We are extremely grateful to the staff and management for their cooperation and support at this difficult time.”

Commenting specifically on Entertainment UK, Dan Butters, reorganisation services partner at Deloitte, said: “We have held face to face meetings with the majority of customers and are engaged in constructive talks with both suppliers and customers to make arrangements to resume business.”

The Joint Administrators confirmed that Bertrams Books, a fully owned subsidiary of EUK, and 2Entertain, a joint venture between EUK and BBC Worldwide, are not in administration and continue to trade as usual.

Woolworths and Entertainment UK were placed into administration on 27 November 2008. Neville Kahn, Nick Dargan and Dan Butters of Deloitte, the business advisory firm, were appointed as Joint Administrators.

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