The General Trading Company secures up-market buyer

London department store The General Trading Company, which went into administration on July 21, has been sold as a going concern.

The buyer has not been named but is reported to be an up-market retail chain.

Restructuring and insolvency specialist MCR, which handled the sale, said it was a good outcome for the company at a particularly tough time for retail.

Partner Paul Clark said: “We’re pleased to announce the sale of GTC as a going concern, particularly as we remain in a difficult trading environment in the retail sector.

“Not only have we managed to preserve an historic reputation associated with the store, we’ve also been able to preserve the majority of jobs in the company, with 19 staff retaining their positions.”

The store, in Sloane Square, sells kitchenware, tabletop items and other home interior merchandise and counts members of the Royal Family amongst its customers.

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