KPMG and Kroll appoint DLA for retail insolvencies

DLA Piper Rudnick Gray Cary has won instructions from the administrators appointed to off-licence chain Unwins and music retailer MVC.

KPMG Corporate Recovery has been appointed to oversee the administration of Unwins by its owners DM Private Equity. All 350 stores have been closed and its is understood the company has debts of around £30m.

It is unlikely that one buyer will be found for the entire portfolio of stores but its is understood that a number of bidders are vying for its assets including current owners DM Private Equity. Other interested parties include Oddbins owner Castel, Wine Cellar and Whittals Wines.

MVC has filed for bankruptcy appointing Kroll as administrators. The retailers 73 branches are continuing to trade and it its is understood to be in a stronger position that Unwins.

DLA Piper restructuring partner Simon Neilson-Clark is leading the team advising KPMG and Kroll in year when the corporate recovery group has demonstrated its expertise in the retail sector.

At the start of the year the firm advised Kroll on the administration of department store Allders, thought the be the biggest corporate recovery this year. DLA Piper scooped a further case from Kroll in 2005 in relation to Red Letter Days.