Largo appointed for Woolworths Group Insolvency Recovery

Following the unexpected and shocking collapse of Woolworths Group and Entertainment UK, Largo was appointed by Deloitte and Touch© to manage the recovery on the largest book debt insolvency case in the UK.

With a ledger of £287 million for EUK, Largo had to quickly understand the mechanics of the business from IT systems, role and responsibilities, operational systems and the core business processes in order to maximise the recovery of the book debt.

The Woolworths group Ledger value of  £14 million incorporated various types of collection activity from Mobile Phone Connection Commission to rent and local authority prepayments. Largo’s expertise and ability to handle distressed situations was crucial to enable successful management of both cases.

Largo has the experience and staff to fully support a collections process of this scale through extensive knowledge required for complex ledger reconciliations. Largo has the expertise to assess and review contractual agreement, communicate with Business Principles at FD and CEO levels, minimise exposure of consequential loss claims and maintain detailed client and lender reporting.

Largo is committed to continuing to work on both cases in order to maximise recoveries.