Reliance Industries’ Hamleys franchising arm in the United Kingdom (UK) is facing closure after a notice was published to strike off the company from the country’s official register. The development relates to Hamleys (Franchising) Ltd, the UK-registered entity involved in the toy retailer’s franchising operations, and does not necessarily mean that Hamleys stores in the UK or other markets will shut down.
\n\nReliance had acquired the British toy retailer Hamleys for about Rs 620 crore in an all-cash deal. Reliance Brands completed acquisition of 100 per cent stake of Hamleys Global Holdings (HGHL) through a special purpose vehicle company set up in UK for cash consideration of GBP 67.96 million.
\n\nThe strike-off process involves removing a company from the UK’s official Companies House register. If the process is completed, the company will be dissolved as a legal entity. However, the process can be halted if an objection is raised before the company is dissolved.
\n\nOn October 27, the UK Registrar of Companies published a gazette notice stating that Hamleys Franchising will be struck off the register and dissolved unless an objection or cause is shown to the contrary within two months from the date of the notice.
\n\nThe franchising entity…
Original source: https://www.timesnownews.com/business-economy
