Allders "saved from administration" after help from Lord Mandelson
By Ian Austen
ian.austen@essnmedia.co.uk
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FUTURE SECURED: Allders
Direct intervention by business secretary Lord Mandelson's office saved Allders department store from calling in the administrators on Monday, it has been claimed.
Store director Max Menon would not comment in detail on the claim about the administrators but did thank Lord Mandelson for help which has enabled Allders, which employs just under 1,000 people, to come to a financial deal with the NatWest bank which has secured its future.
The announcement of the deal came at last night's (Monday's) Croydon Council budget meeting from Labour leader Tony Newman.
He said shadow cabinet member for regeneration, Councillor Toni Letts, had approached Lord Mandelson's office after Allders had expressed concerns about securing money needed to keep the business going.
Cllr Newman said today (Tuesday) he was not sure exactly what happened after Cllr Letts' approach but the bank, which had previously not committed to a deal, changed its mind.
Mr Menon said: "We needed to find a new bank after our previous bankers in Iceland pulled out of the UK and we appreciate the help from Peter Mandelson's office."
Adding that he did want to get embroiled in any kind of party politics, Mr Menon said: "The future is secure and we are going to make a profit this year."
*For more on this story see this week's Croydon Advertiser - in shops on Friday
11 Comments
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by willthelastpersonturnthelightout, Croydon
Tuesday, March 09 2010, 11:50PM
“Same old Allders stumbling along into yet another disaster! Not surprised with the managment team they have in place,they clearly haven't learnt from there previous mistakes.”
by Vicki, Croydon
Friday, March 05 2010, 10:28AM
“Great in it's day, and could still be fantastic with a little TLC. I, for one, would be sorry to see Allders go......”
by RobinHood, Sherwood
Thursday, March 04 2010, 8:42AM
“A tired old department store well past its sell by date.Gloomy with tatty floors and decor.Without the concessions there would be no Allders.It is beginning to resemble an Eastern bazaar.”
by Karen, Croydon
Wednesday, March 03 2010, 11:56PM
“Well done Cllr Toni Letts, jobs saved and one of Croydon's landmarks still in business.
I am sure the bank and Allders did not decide their finances around an election. Help was needed and Toni stepped up.
Local Councillors in Croydon regardless of political persuasion do not get expenses so were not embroiled in any fraudulent activitiy. That was MP's of which we have 3, only one of them Richard Ottoway was caught helping himself.”
by Arfur Towcrate, Staffycher
Wednesday, March 03 2010, 9:08PM
“Well, I am glad that Allders has been saved. It is a shame that some people would prefer to see nearly a 1000 people made jobless.”
by David, Croydon
Wednesday, March 03 2010, 10:11AM
“I was working for a company that made something like £70m profit in the year the banks took control (12 months ago) and sold it for something like £10m. Around 400 people lost their jobs.
It is amazing the things that happen in the run up to elections. If this was 6 months after an election the boards would probably be up on the windows and a large empty unit would be available for rent in Croydon.”
by Richard, CUCKOO LAND
Tuesday, March 02 2010, 11:08PM
“From his own mouth.Tony Newman say's
We will make great savings.Couldnt say how tho!!!!!
23millions to be exact!.”
by misterkipling, Croydon
Tuesday, March 02 2010, 9:23PM
“Hang on, this sounds familiar...
Either I have travelled through time or Allders have already done this, and sold off the pensions screwing everyone over”
by a croydon shopper, croydon
Tuesday, March 02 2010, 8:22PM
“w.h woolworth was not a british company,allder joshuar is”
by Mrs P, Thornton Heath
Tuesday, March 02 2010, 4:53PM
“You took the words right out of my mouth Tom. When I think of all the other stores that have gone under (Littlewoods, Woolies etc). Perhaps now they can't claim back their "expenses" as freely as before there is money in the taxpayers' coffers......and yes, roll on May 6.”