Hopes of saving Honiton fruit and veg shop fade
Reports Lace Walk store has closed.
A HONITON fruit and veg shop is up for sale after its Bristol-based parent company went into administration.
Stokes, in Lace Walk, initially avoided the chop, but has now reportedly closed.
Many of the chain’s South West stores have been closed, with the loss of around 170 jobs.
The Honiton shop was one of 17 that accountancy firm KPMG hoped to find a buyer for.
Richard Hill, of KPMG, who has been appointed a joint administrator with Joff Pope, said: “Unfortunately, declining sales in some stores have resulted in losses being incurred.
“Despite efforts to reduce costs, these losses have resulted in significant cash flow problems and the company was unable to continue without a radical restructuring.
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“Following the appointment of administrators, ten stores have closed, resulting in 65 redundancies. A further ten stores were closed earlier in October, prior to the appointment of administrators.
“The remaining 17 stores will continue to trade as normal while we seek a buyer for the business as a going concern.”
Anyone interested in buying the firm or the stores is being advised to contact Liz Turner at KPMG on 0117 905 4763.