Whittard of Chelsea chief executive Paddy Prowse rejected speculation that the tea and coffee specialist is to go into administration. “We are working up to our busiest time of year and I am not aware of any talk that we are going into administration,” she said.
Prowse said that KPMG is working with the retailer on its cash flow in the run-up to Christmas and “nothing sinister” was happening. She said KPMG is the retailer’s auditor and is advising on credit insurance, landlord relationships and the supply chain.
Iceland chief executive Malcolm Walker said there would be changes to the grocer’s share ownership but the business would not be affected.
He admitted he was “standing back” from his bid for Woolworths while Baugur’s future remains unresolved. He said the situation in the country of Iceland is a “bugger’s muddle”, because it involves so many parties.
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