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Rome has clearly been burning as the management led by Mr Johnson has dragged his heals in delivering a rescue plan as the business has been suffering for a considerable amount of time.

Clearly they don't have time to find the right buyer and avoid the June Quarter so the only option left is to go in to administration without further consultation with creditors who will now get next to nothing.

Mr Johnson and TPG Capital would do best to carefully consider their personal actions as this is a sizeable business that will catch the attention of the Government. certainly Deloitte will ensure they do.

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