KPMG Appointed Joint Administrators for Stokes Plc
Richard Hill and Joff Pope of KPMG International have been appointed the joint administrators of Stokes Plc. Stokes Plc is the largest independent greengrocer store in the whole of UK. KPMG is one of the largest accountancy, audit and consultancy firm in the world.
The reason why Stokes Plc has been given the role of joint administrators is because in early October this year, 10 of its stores had to be closed down.
After KPMG staff was given the role of playing joint administrators, it has been decide that a further of 11 stores of Stokes Plc will have to be shut down.
KPMG is also planning to let go of 98 of Stokes Plc’s staff.
The joint administrators said in a statement to the media that an additional 9 stores of Stokes will be closed. With that move, KPMG is also planning to stop the service of 72 staff.
Stokes will be retaining 104 staff at the company’s head office in Bristol and in shops around West Bristol which will remain open for business.
Richard Hill, who is the joint administrator and partner at KPMG, said that he hoped that they will be able to provide an update on the sale of the remaining stores very soon.