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Retailers
July 13, 2016
Chromevalue Limited enters administration, with director admitting he is “shocked, saddened and embarrassed” by the situation
EE retailer Chitter Chatter’s future has been put at risk after holding company Chromevalue Limited was placed into administration following a failed investment in excess of £2 million.
Amid speculation in the channel, the retailer’s director Richard Wortley told Mobile News that Chromevalue Limited had invested the sum into Pita Pit, a healthy eating restaurant chain that he himself launched in 2014.
It was hoped this would expand to 80 UK outlets but it closed earlier this year, with Wortley claiming its running had became “very expensive”.
Embarrassed
He declined to answer questions over the future of Chitter Chatter, but said: “I am shocked, saddened and embarrassed by the situation and am working with our administrators to find solutions.”
EE confirmed it was aware of Chromevalue Limited’s situation, but said its relationship with Chitter Chatter is unaffected at this stage, with all hardware suppliers, which includes Westcoast, Tech Data and Data Select also said to be protected from any financial impact.
London-based FRP Advisory has been appointed in an attempt to find
a resolution for the company.
Long-term solutions
It said in a statement: “Chris Stevens and Colin Vickers, partners at FRP Advisory LLP, the business advisory firm, have been appointed as joint administrators to Chromevalue Limited.
“The joint administrators at FRP Advisory are liaising with major creditors of Chromevalue Ltd in order to seek a long-term solution for the business and assets in the interests
of creditors.”
According to figures on Creditsafe for its last reported financial performance in the year ending November 30, 2014, Chromevalue Limited’s turnover fell 15.1 per cent from the previous 12 months to £42.526 million, while pre-tax profits were down 30.2 per cent to £1.155 million.
Chitter Chatter was formed in 1994 and at its peak was hailed as T-Mobile’s biggest dealer prior to the formation of EE in 2010. It has never disclosed customer numbers however.
It currently has six retail stores, mainly in and around London – Croydon, Romford, Tooting, Walthamstow and Wood Green – with the other in Ebbw Vale, Wales.
The company continues to operate as usual both, across online and its retail channels.