Electrical retail chain Tempo has called in the administrators in a bid to try and save itself by trading through the crucial Christmas sales season.
Southern retail chain seeks protection of the courts
Neville Kahn and Tony Lomas of PricewaterhouseCoopers were appointed joint administrators of Tempo Holdings Limited, K F Group Limited and Tempo Limited on 24 September.
The appointment followed a presentation of a petition to the High Court in London by the company's directors, which was supported by the group's bankers.
The group will continue to trade under the direction of the Joint Administrators who are attempting to preserve the businesses of the group.
"Tempo operates in a highly competitive end of the electrical retail market, which has recently seen the need for consolidation," said Neville Kahn of PricewaterhouseCoopers.
"By obtaining an administration order the group has been given a breathing space, which will enable it to trade through the critical Christmas and new year trading period," he said.
"We intend to keep all stores open while seeking a buyer for the whole or part of the business. Interest has already been expressed by a potential purchaser."
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