PPF demands Toys R Us line up 'independent' administrator - ToyNews

PPF demands Toys R Us line up 'independent' administrator

The Pension Protection Fund has written to the retailer urging them not to appoint their existing adviser on its restructuring to oversee any insolvency proceedings.
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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.

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