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       T R O U B L E D   C O M P A N Y   R E P O R T E R     

                          E U R O P E

            Friday, October 6, 2000, Vol. 1, No. 107

                           Headlines

B E L G I U M

LOUIS DE POORTERE: Court Reviews Takeover Bids
LOUIS DE POORTERE: Asks Court to Approve Offer to Takeover


C Z E C H   R E P U B L I C

BANKOVNI HOLDING:  Plans for Liquidation
INVESTICNI A POSTOVNI: Czech Bank Files Suit Against Ex-Managers
KOMERCNI BANKA: Five Banks Express Interest in Privatization


F R A N C E

BOURGOIN:  Nine Candidates for French Poultry Acquisition


G E R M A N Y

ATAG HOME: Manufacturer Files for Liquidation of Subsidiaries
SEPPELFRICKE HAUS: Atag Files for Liquidation of Subsidiary
ADAM OPEL: Expects to End Losses


L A T V I A

BALTKOM GSM: Up for Sale; $277 Million Includes Liabilities
BALTCOM GSM: Western Wireless to Sell its 22 Percent for $66M


L I T H U A N I A

TAUPOMASIS BANKAS:  Goes for Privatization, Sell-Off Process


R U S S I A

MEDIA MOST: News Corp.'s Murdoch Expresses Interest
MIRCORP: Money Needed to Save Falling Space Station
NORILSK NICKEL: Federal Securities Commission Launches Probe


U N I T E D   K I N G D O M

CASTLE DIECASTING:  Diecast Firms Shut
COBBLE & ROUNDS: Diecast Firms Shut
COMPOST PRODUCERS:  Liquidation Proceedings
COSTAIN BLANKEVOORT:  Liquidation Proceedings
COSTAIN MARINE:  Liquidation Proceedings

COSTAIN MINING:  Liquidation Proceedings
DE VERE: Hotel Operator Closes Tavern Depots
FUEL SUBSEA:  Liquidation Proceedings
INTERNATIONAL CLEARING: Creditors to Meet Next Week
M L M INVESTMENT:  Liquidation Proceedings

MARKS & SPENCER: Troubled Department Store Suffers Further Blow
MATTS & JENKINS:  Diecast Firms Shut
MEZZANINE GROUP: Posts Full-Year Pre-Tax Loss of 1.68 Million
MOSS BROS:  Joins Attack on Leases
NUTRAVIDA: Health e-tailer Shuts Up Shop

OMULLANE CIVIL:  Liquidation Proceedings
R COSTAIN & SONS:  Liquidation Proceedings
STEWARTS TRANSPORT:  Liquidation Proceedings
STURMEY ARCHER: Creditors Meeting to Decide Liquidation  
TOTAL CARE:  Liquidation Proceedings


=============
B E L G I U M
=============

LOUIS DE POORTERE: Court Reviews Takeover Bids
----------------------------------------------
De Standaard & World Reporter reported earlier this week that the
court of commerce of Doornik, Belgium, will study the takeover
bids for insolvent Belgian carpet group Louis De Poortere. The
candidates are still textile group Domo and carpet group Lano,
led by Pierre Lano, who is making a joint bid with Pascal Dryon.

Observers think the BFr483m Domo bid stands but a slim chance of
being accepted as it is lower than the bid of a project developer
willing to pay BFr500m for the land and buildings. Unlike Mr
Dryon, Mr Lano has secured bank guarantees for his BFr300m bid.
If Mr Dryon can prove that progress has been made on the subject
of bank guarantees, the court might postpone the ruling yet
again.


LOUIS DE POORTERE: Asks Court to Approve Offer to Takeover
----------------------------------------------------------
Le Soir & World Reporter noted yesterday that the caretaker
management of Belgian textile group Louis De Poortere will ask
the Tournai commercial court to approve the offer from Belgian
group Domo to take-over the company's assets. The Domo group had
made the only offer, which was accompanied by a banker's
guarantee, as demanded by the caretaker management. However, the
caretaker management decided to postpone its request to the
tribunal, as the offer from Dryon-Lano was also able to receive a
banker's guarantee. Its offer of BFr725m is also a lot higher
than the BFr483m offer from Domo, and would therefore be the
preferred choice for the group's creditors.


===========================
C Z E C H   R E P U B L I C
============================

BANKOVNI HOLDING:  Plans for Liquidation
----------------------------------------
CTK & Euromoney reported yesterday that the general meeting of
Bankovni holding (BH) has elected a new supervisory board and
board of directors. BH's liquidation planned by the former board
of directors headed by Ivan Matejovsky has not happened but BH's
fate is still in big doubt. The new, three-member boards consist
mostly of people from or close to Ceskoslovenska obchodni banka
(CSOB). "CSOB is now carrying out due diligence," HN quotes Milan
Kolanda of BH. The company will not be liquidated at least until
the process is over, Kolanda said. Further moves will depend on
the results of the process.

Last year, BH losses surpassed Kc468m. The general meeting that
was to be held last month should have decided on the dissolution
and liquidation of the company. However, the debate did not take
place, as the board of directors did not approve some of the
planned items on the general meeting's agenda. BH was established
in 1996 through a transformation of Bankovni investicni fond
controlled by Prvni investicni. Prvni investicni was a subsidiary
of Investicni a postovni banka (IPB), which is now held by CSOB.

Since 1996 BH has ended in the black just once, in 1997, when it
reported a profit over Kc133m. In 1998 its loss exceeded Kc1.5bn.
CSOB spokesman Jan Stolar said that BH's losses were apparently
due to the investment in failed bank IPB's shares. Major
shareholders in Bankovni holding are the bank Coutt's and other
foreign companies, such as Tarpa Securities B.V. and Lento
Investments B.V


INVESTICNI A POSTOVNI: Czech Bank Files Suit Against Ex-Managers
----------------------------------------------------------------
Czech A.M. reported yesterday that the Czech National Bank (CNB)
announced that it had filed a criminal complaint on Sept. 25
against former IPB managers, citing the falsification of
financial figures and the mismanagement of the assets of others.
The CNB says the complaint was based on a special auditor's
report for the IPB forced administrator.


KOMERCNI BANKA: Five Banks Express Interest in Privatization
------------------------------------------------------------
Five large European banks have expressed interest in the
privatization of Komercni Banka, the Finance Ministry reports,
adding it expects the list of interested parties to grow, Czech
A.M. noted yesterday. According to Lidove Noviny, the ministry
disclosed no names but said the five were comparable to Deutsche
Bank, which recently announced it was not interested in KB.
Germany's second largest bank HypoVereinsbank and Italy's No. 3
UniCredito Italiano have reportedly confirmed their interest.

Komercni Banka says the amount of classified loans it carries
will almost double by year's end, as it will add Kc 27 bln into
high-risk categories. Czech National Bank regulations will force
KB to hike reserves by Kc 2 bln to Kc 9.6 bln to cover the extra
volume. Bank sources forecast a Kc 3 bln loss this year, Czech
A.M. reported.


===========
F R A N C E
===========

BOURGOIN:  Nine Candidates for French Poultry Acquisition
---------------------------------------------------------
Le Figaro & World Reporter reported earlier this week that three
new candidates emerged for the acquisition of French poultry
group Bourgoin, which has been in receivership since August 21.
The candidates are producers and industrial companies interested
in certain sites, particularly at Rennes. Six other candidates
have already submitted offers. All nine offers were presented to
the Sens court. The court is scheduled to make a decision by
October 6.


=============
G E R M A N Y
=============

ATAG HOME: Manufacturer Files for Liquidation of Subsidiaries
-------------------------------------------------------------
Het Financieele Dagblad & World Reporter reported last week that
Atag, the Dutch manufacturer of durable consumer goods, has filed
for liquidation of two German subsidiaries at a court in Essen,
Germany. The subsidiary, Atag Home Products Deutschland,
manufactures kitchen appliances. Atag previously wanted to sell
the divisions, but bidders were stopped by liquidity problems.

Atag, which also produces central heating appliances, last year
landed in the red due to problems at its kitchen division.
Earlier this year, the company was forced to file for liquidation
of its Dutch kitchen subsidiaries. Atag now wants to concentrate
on heating appliances. The company sold Faber, a subsidiary that
produces flame-effect heating appliances, earlier this month.


SEPPELFRICKE HAUS: Atag Files for Liquidation of Subsidiary
-----------------------------------------------------------
Atag, the Dutch manufacturer of durable consumer goods, has filed
for the liquidation of two German subsidiaries at a court in
Essen, Germany. One of the subsidiaries, Seppelfricke Haus und
Kuchentechnik, manufactures kitchen appliances. Atag previously
wanted to sell the divisions, but bidders were stopped by
liquidity problems, Het Financieele Dagblad & World Reporter
reported last week. Atag, which also produces central heating
appliances, last year landed in the red due to problems at its
kitchen division. Earlier this year, the company was forced to
file for liquidation of its Dutch kitchen subsidiaries.


ADAM OPEL: Expects to End Losses
--------------------------------
Het Financieele Dagblad & World Reporter reported yesterday that
Adam Opel AG is expected to end its current business year with an
operating loss of 450 mln dm, compared to the company's target of
a 460 mln operating profit, the biweekly Capital magazine said in
its Thursday edition, citing a company's internal document. It
said the document, prepared by Opel's finance section, also
expects a net loss of 270 mln dm for the year compared with the
planned net profit of 305 million dm. The main reason for the
projected losses is the unexpected bad sales of Opel vehicles in
Germany. It said new registrations for Opel vehicles in the
country will only be around 437,000 units, down by 88,000 units
from the previous year and down by 83,000 from the company's
planned sales. The 14 pct market share aimed for this year will
therefore not be reached but instead will only be 12.8 pct.


===========
L A T V I A
===========

BALTKOM GSM: Up for Sale; $277 Million Includes Liabilities
-----------------------------------------------------------
Tele2 AB, a subsidiary of Sweden's NetCom company, purchased
Latvia's mobile telecommunications operator Baltkom GSM for 277
million U.S. dollars, NetCom said in a statement. The amount
includes Baltkom GSM's liabilities of 53 million U.S. dollars,
which includes shareholder loans and bank credits, BNS &
Euromoney reported yesterday.

Baltkom GSM's purchase will be completed after approval from the
Latvian Transport Ministry. "We are very glad that Baltkom GSM
has accepted our offer to give this prospective company over to
secure hands, which in turn allows us to develop a joint
communications network in all the Baltic states," said Netcom AB
president. Baltkom GSM is the second biggest mobile operator in
Latvia with some 90,000 subscribers. Its biggest shareholder was
Alina firm, owned by Peteris Smidre. Among Baltkom GSM
shareholders also were Metromedia International Group and Western
Wireless International Corporation. Baltkom GSM suffered a loss
of 2 million lats in 1999.


BALTCOM GSM: Western Wireless to Sell its 22 Percent for $66M
-------------------------------------------------------------
Reuters reported yesterday that Western Wireless Corp. said on
Tuesday it has agreed to sell its 22 percent interest in Latvian
cellular operator BaltCom GSM to Tele2 AB for $66 million in
cash. Tele2 AB, a subsidiary of Sweden's NetCom AB, said in a
separate statement it is paying $277 million in cash, including
the repayment of $53 million in shareholder loans and bank debt,
for the second largest GSM cellular services provider in Latvia.

Western Wireless said it invested approximately $14 million in
BaltCom GSM since it was awarded its license in 1996. Other
current shareholders of BaltCom GSM are Metromedia International
Group Inc., the European Bank for Reconstruction and Development,
and local Latvian shareholders. Tele2 is an alternative pan-
European telecommunications company offering fixed and mobile
telephony, data network and Internet services in 18 countries.


=================
L I T H U A N I A
=================

TAUPOMASIS BANKAS:  Goes for Privatization, Sell-Off Process
------------------------------------------------------------
BNS & Euromoney said yesterday that Lithuanian daily newspapers
criticized the privatization process underway at Taupomasis
Bankas [Savings Bank], the country`s largest state-owned bank.
With Estonia`s Hansabank being the only bidder for Savings Bank,
the privatization is turning into farce, Lietuvos Rytas wrote.
The business paper Verslo Zinios quoted market experts as saying
that this might enable the Estonian bank, controlled by Sweden`s
Swedbank, to dictate terms in the sell-off process.

According to the report, Hansabank has offered over 120 million
litas (USD 30 mln) for a 90.73 percent stake in Savings Bank.
Deputy Finance Minister Dalia Grybauskaite, chairwoman of Savings
Bank`s supervisory council, told Verslo Zinios that there had
been two more potential bidders, German and Italian banks.
Lietuvos Rytas wrote that Germany`s Nord/LB, which has a branch
in Vilnius already, had been seriously interested in Savings
Bank. The Finance Ministry received another bid from a foreign
bank, which sought direct negotiations, after the deadline. "But
Lithuania has committed to carrying out privatization projects
publicly and therefore we cannot accept the offer," Grybauskaite
said.

Officials are now faced with the dilemma of postponing Savings
Bank`s privatization or starting talks with the sole bidder,
Lietuvos Rytas wrote. Analysts say that, with Vilniaus Bankas
rapidly consolidating its positions on the market, a delay in
Savings Bank`s privatization will make it even less attractive.


===========
R U S S I A
===========

MEDIA MOST: News Corp.'s Murdoch Expresses Interest
---------------------------------------------------
The Moscow Times noted yesterday that Rupert Murdoch's News Corp.
has expressed an interest in buying Vladimir Gusinsky's Media-
MOST holding from its creditor Gazprom. News Corp. spokeswoman
Alison Clark, speaking by telephone from London, called the
report a speculation and refused to comment. Gazprom head Rem
Vyakhirev said that a European media holding is interested in
buying the shares of Media-MOST that Gazprom hopes to get control
of. He did not name the prospective buyer or say how large a
stake was in question. Interfax reported that Vyakhirev recently
had talks about the possible sale of Media-MOST in "one of the
European capitals."

Kommersant said News Corp. has expressed interest in Media-MOST
shares "both verbally and in writing." Headed by Murdoch, an
Australian-born media magnate, News Corp. is an international
conglomerate that includes the 20th Century Fox movie studio, Fox
TV, major newspapers in the United States, Britain and Australia
and satellite television networks on several continents. The
Gazeta.ru Web site speculated that Vyakhirev could be more
inclined to sell Media-MOST to Bertelsmann, a German media
conglomerate. But the company's spokesman denied there were any
talks between Gazprom and Bertelsmann.

Media-MOST and Gazprom are locked in a dispute over $473 million
the holding owes to the state-run natural gas monopoly, which
holds a 14 percent stake in it. Another 40 percent was put up by
the holding as collateral for two loans guaranteed by Gazprom,
one of which it paid off in March. In July, the two companies
signed an agreement transferring control of Media-MOST to a
Gazprom subsidiary. But Gusinsky has argued the agreement is
invalid because he signed it under duress. Meanwhile, Media-
MOST's position became more shaky as Sberbank, the largest state-
controlled retail bank, announced Tuesday that it planned to
invalidate a loan agreement between the holding and the bank,
questioning Media-MOST's credit and demanding it repay the $100
million debt ahead of the deadline.


MIRCORP: Money Needed to Save Falling Space Station
---------------------------------------------------
The Moscow Times reported yesterday that the Mir rapidly losing
altitude. Energia corporation says it doesn't have the money to
keep the station in orbit and has asked the government to decide
whether Mir should live or die, space officials said Wednesday.
Energia, which built Mir and has been running it since the state
gave it up last year, had ambitious hopes for bringing in money
through space tourism and other commercial projects, including a
U.S. game show. But Energia marketing director Alexander Derechin
said that MirCorp, a Netherlands-based group that coordinates
Mir's commercial activities, has not come up with enough money to
maintain the station. At a meeting of chief space designers
Tuesday, Energia urged the state to decide Mir's future, said
Derechin and another space official who attended the meeting.

Energia said Mir was technically fit for several more years in
orbit. But the need for an urgent decision on its future has
arisen because Mir has been rapidly falling in the past few weeks
because of high solar activity that thickened the atmosphere.
Mir, which had hurtled through space some 380 kilometers above
the Earth, has been losing altitude at a speed of up to 500
meters a day. If nothing is done to boost its orbit -- an
expensive process involving sending up Progress cargo ships --
Mir could be irretrievable by early next year, Derechin said.
Sergei Gorbunov, spokesman for the Russian Aviation and Space
Agency, said the government will likely make a decision on Mir's
future in three to four weeks -- soon after the first joint U.S.-
Russian team takes off for the International Space Station on
Oct. 30.


NORILSK NICKEL: Federal Securities Commission Launches Probe
------------------------------------------------------------
The Moscow Times reported yesterday that the Federal Securities
Commission is investigating metals giant Norilsk Nickel for
allegedly manipulating its stock price and violating the rights
of its shareholders. The FSC announced the investigation late
Tuesday after numerous appeals from Norilsk's minority
shareholders, who claim the company is violating their rights in
pursuit of a complicated and controversial restructuring scheme
that calls for the death of Norilsk Nickel as a company. The FSC
has given Norilsk until Tuesday to submit documents explaining
exactly how it intends to implement the restructuring, Norilsk
spokesman Yury Oleinik said Wednesday.

The restructuring scheme, to be implemented in four stages over
the next 12 months, involves transferring all of Norilsk's assets
to a subsidiary, Norilsk Mining Co., or NGK. Also, NGK is to
acquire in full the British firm Norimet Ltd., Norilsk Nickel's
exclusive partner for selling nickel and copper abroad. After
swapping shares, shareholders in Norilsk will receive 88.5
percent of NGK, while the former owners of Norimet will hold 11.5
percent.

The first of three planned share issues has already taken place,
resulting in Norilsk shareholders owning 36.4 percent of NGK.
Minority shareholders, who last month only found out about the
restructuring after it had already begun, charge that Norilsk
instigated the scheme in order to dilute the value of their
holdings. They fear that the swap of shares will benefit only
major shareholders and Norimet's former owners, Kommersant
reported Wednesday.

Armyakov said current Russian legislation is incapable of
adequately protecting the rights of minority shareholders. "We
have to blame current legislation, not the company," he said.
"Such an investigation is necessary, but it's too late.
Everything has already been done." The restructuring, which has
caused havoc with Norilsk's share price, is politically
advantageous. By transferring all its shares to NGK, the ongoing
investigation by the Prosecutor General's Office into Norilsk's
1997 privatization will likely be shut down.


===========================
U N I T E D   K I N G D O M
===========================

CASTLE DIECASTING:  Diecast Firms Shut
--------------------------------------
Evening Mail reported last week that workers at a major
Birmingham diecasting operation have lost their six-week fight to
save the business, it was revealed. Insolvency experts confirmed
that the three associated firms, Castle Diecasting, Matts &
Jenkins and Cobble & Rounds were to close with the loss of 151
jobs. A total of 87 employees were made redundant with the rest
set to go once the current order books are exhausted.

The decision to axe the pounds 7.7 million combined turnover
businesses, all based in Seeleys Road, Tyseley, came after
efforts to find a buyer proved fruitless. Joint administrator
Neil Tombs, from the Birmingham offices of Grant Thornton, said
combined losses approached pounds 300,000 and debts had risen to
more than pounds 2 million.

He said: 'In the last six weeks we have made strenuous efforts to
find a buyer for the business. 'However, the lack of confidence
in the automotive sector, which all three companies supply, has
made the business unattractive to potential purchasers.' Matts &
Jenkins and Cobble & Rounds' main customer was Castle Diecasting,
which supplies diecast components to the motor industry and
architectural hardware manufacturers.


COBBLE & ROUNDS: Diecast Firms Shut
-----------------------------------
Evening Mail reported last week that workers at a major
Birmingham diecasting operation have lost their six-week fight to
save the business, it was revealed. Insolvency experts confirmed
that the three associated firms, Castle Diecasting, Matts &
Jenkins and Cobble & Rounds were to close with the loss of 151
jobs. A total of 87 employees were made redundant with the rest
set to go once the current order books are exhausted.

The decision to axe the pounds 7.7 million combined turnover
businesses, all based in Seeleys Road, Tyseley, came after
efforts to find a buyer proved fruitless. Joint administrator
Neil Tombs, from the Birmingham offices of Grant Thornton, said
combined losses approached pounds 300,000 and debts had risen to
more than pounds 2 million.

He said: 'In the last six weeks we have made strenuous efforts to
find a buyer for the business. 'However, the lack of confidence
in the automotive sector, which all three companies supply, has
made the business unattractive to potential purchasers.' Matts &
Jenkins and Cobble & Rounds' main customer was Castle Diecasting,
which supplies diecast components to the motor industry and
architectural hardware manufacturers.


COMPOST PRODUCERS:  Liquidation Proceedings
-------------------------------------------
Company Name:   Compost Producers of Ireland Ltd
Company No:   IR
Com. Business:   
Appointed on:   06/09/00
Type:   Members
Appointed by:   Members
Liquidators:   Brendan Delaney  IPno:     
Firm Name:   B Delaney & Co
Address:   Avonleas  Demesne
City Postcode:   Dublin  


COSTAIN BLANKEVOORT:  Liquidation Proceedings
---------------------------------------------
Company Name:   Costain Blankevoort (UK) Dredging Co L
Company No:   0799014
Com. Business:   Dormant
Appointed on:   06/09/00
Type:   Members
Appointed by:   Members
Liquidators:   Geoffrey L Carton-Kelly  IPno: 8602  Andrew J Tate  
8960
Firm Name:   Baker Tilly
Address:   The Clock House  London Road
City Postcode:   Guildford  GU1 1UW


COSTAIN MARINE:  Liquidation Proceedings
----------------------------------------
Company Name:   Costain Marine International Ltd
Company No:   0548252
Com. Business:   Dormant
Appointed on:   06/09/00
Type:   Members
Appointed by:   Members
Liquidators:   Geoffrey L Carton-Kelly  IPno: 8602  Andrew J Tate  
8960
Firm Name:   Baker Tilly
Address:   The Clock House  London Road
City Postcode:   Guildford  GU1 1UW


COSTAIN MINING:  Liquidation Proceedings
----------------------------------------
Company Name:   Costain Mining Ltd
Company No:   0548252
Com. Business:   Dormant
Appointed on:   06/09/00
Type:   Members
Appointed by:   Members
Liquidators:   Geoffrey L Carton-Kelly  IPno: 8602  Andrew J Tate  
8960
Firm Name:   Baker Tilly
Address:   The Clock House  London Road
City Postcode:   Guildford  GU1 1UW


DE VERE: Hotel Operator Closes Tavern Depots
--------------------------------------------
The Times reported yesterday that De Vere, the hotel and leisure
operator born from the embers of Greenalls Group, is to close
five more of its Tavern drinks wholesaling depots in a bid to
stem losses. In a trading update, the company said that Tavern,
which it is trying to sell, had suffered from "a continued
decline in on-trade volumes compounded by a poor summer".

The second half would show a trading loss of pounds 2 million
while the closures would mean an exceptional charge of pounds 3.3
million. Poor trading and systems problems at Tavern were the
main reasons for last summer's profit warning that prompted Lord
Daresbury to resign as chief executive to become part-time
chairman. The depot closures -- at Glasgow, Edinburgh, Honiton,
Redruth and Stoke -- will take the total number of shut-downs to
22 of 44 sites.


FUEL SUBSEA:  Liquidation Proceedings
-------------------------------------
Company Name:   Fuel Subsea Engineering Ltd
Company No:   1439518
Com. Business:   Dormant
Appointed on:   06/09/00
Type:   Members
Appointed by:   Members
Liquidators:   Geoffrey L Carton-Kelly  IPno: 8602  Andrew J Tate  
8960
Firm Name:   Baker Tilly
Address:   The Clock House  London Road
City Postcode:   Guildford  GU1 1UW


INTERNATIONAL CLEARING: Creditors to Meet Next Week
---------------------------------------------------
A meeting of the 100 creditors of International Clearing
Associates (ICA), the collapsed futures company that provided
clearing facilities to independent futures traders, is to be held
on October 12. The meeting is being organized by Baker Tilley,
the actuary firm called to act as liquidator to the clearing
company. A spokesman said it was too early to assess the full
extent of ICA's debts, The Daily Telegraph reported earlier this
week.

He added: "We have quite a lot of work yet to do. We need to look
at bank accounts and check whether these were operated properly,
and to make sure that the company's assets are safeguarded." It
is understood that between 50 and 60 independent futures traders,
known as locals, who trade on London's futures exchange using
their own money, have been affected by the collapse. It is
estimated that these traders have lost pounds 850,000 to pounds
900,000. Other creditors are believed to be owed as much as
pounds 500,000. ICA, established a year ago, was suspended by the
Securities & Futures Authority.


M L M INVESTMENT:  Liquidation Proceedings
------------------------------------------
Company Name:   M L M Investments Ltd
Company No:   0664334
Com. Business:   Dormant
Appointed on:   06/09/00
Type:   Members
Appointed by:   Members
Liquidators:   Geoffrey L Carton-Kelly  IPno: 8602  Andrew J Tate  
8960
Firm Name:   Baker Tilly
Address:   The Clock House  London Road
City Postcode:   Guildford  GU1 1UW


MARKS & SPENCER: Troubled Department Store Suffers Further Blow
---------------------------------------------------------------
Irish Independent noted yesterday that troubled department store
Marks & Spencer suffered a further blow when shares fell below 2
pounds for the first time in more than 10 years, after BNP
Paribas cut its profit forecast for the UK retailer.

City sources warned that the continued slide in the troubled
retailer's share price means its stock market rating will be
based almost entirely on the property value of its high street
stores and its financial services operation, Money Unlimited
reported yesterday. This would leave chairman Luc Vandevelde, who
took on the chief executive role last month after Peter Salsbury
left, facing a much more realistic threat of a takeover bid.

Monaco-based entrepreneur Philip Green tried unsuccessfully to
bid for M&S earlier this year and the City has so far failed to
name another predator for the retailer. One leading analyst, who
refused to be named, calculated that M&S's property was worth
pounds 3.5bn and its retail financial services operation a little
less than pounds 1bn. A fall in the firm's share price to 175p
would give it a stock market valuation of pounds 5bn, pounds
4.5bn of which would be based entirely on its property and retail
financial services operation.

Mr Vandevelde is expected to tell the City next month that he
intends to close a number of M&S stores and sell off the Brooks
Brothers business, valued at around pounds 300m. M&S refused to
comment.


MATTS & JENKINS:  Diecast Firms Shut
------------------------------------
Workers at a major Birmingham diecasting operation have lost
their six-week fight to save the business, it was revealed.
Insolvency experts confirmed that the three associated firms,
Castle Diecasting, Matts & Jenkins and Cobble & Rounds were to
close with the loss of 151 jobs, Evening Mail reported last week.
A total of 87 employees were made redundant with the rest set to
go once the current order books are exhausted. The decision to
axe the pounds 7.7 million combined turnover businesses, all
based in Seeleys Road, Tyseley, came after efforts to find a
buyer proved fruitless.

Joint administrator Neil Tombs, from the Birmingham offices of
Grant Thornton, said combined losses approached pounds 300,000
and debts had risen to more than pounds 2 million. He said: "In
the last six weeks we have made strenuous efforts to find a buyer
for the business. However, the lack of confidence in the
automotive sector, which all three companies supply, has made the
business unattractive to potential purchasers." Matts & Jenkins
and Cobble & Rounds' main customer was Castle Diecasting, which
supplies diecast components to the motor industry and
architectural hardware manufacturers.


MEZZANINE GROUP: Posts Full-Year Pre-Tax Loss of 1.68 Million
-------------------------------------------------------------
The Times noted yesterday that leisure company Mezzanine Group
announced a full-year pre-tax loss of 1.68 million pounds. There
is no dividend.


MOSS BROS:  Joins Attack on Leases
----------------------------------
Financial Times reported yesterday that Moss Bros., the poorly
performing high street men's wear retailer, has joined the attack
on inflexible UK property leases. The company said that clauses
that do not allow rents to fall when a location loses its
attractions for shoppers raises costs for consumers and limits
competition. Peter Moss, a director of Moss Bros., said Nick
Raynsford, the planning minister, should ban the clauses,
replacing them with terms tying rent increases to inflation.

In a letter to Property Week, the trade journal, Mr Moss said
there should be a ban on upward-only rent reviews "because they
are anti-competitive and inflationary". Mr Raynsford's remarks
came after the release of a study by researchers at the
University of Reading showing that a code of practice on leasing,
introduced in 1995, had had no effect on the negotiation of
leases whatsoever. It has hit UK retailers hard, forcing them to
try to cut costs and alter their formats. Retailers have found
their restructuring efforts frustrated by the traditional UK
leasehold structure, under which leases last for 15 to 25 years
and require tenants to pay for all capital improvements. The
tenant remains responsible for the rent even if he vacates the
premises and can be held liable for the rent of a subtenant if
that occupier becomes insolvent.


NUTRAVIDA: Health e-tailer Shuts Up Shop
----------------------------------------
Natural health e-tailer Nutravida has finally closed its doors,
having been unable to secure the additional funding that it
needed to continue operating. A note on the Nutravida Web site
says that the company is closed for business and will accept no
new orders, although outstanding orders will be honored. However,
the message on the Web site also said that the company hopes to
resume operations: "We still hope to find a way forward whereby
the Nutravida site can re-open for business confident of offering
an exemplary level of service." Customers are invited to re-visit
the site in a few days' time to find out whether or not the brand
will be re-launched under new ownership, Net Imperative reported
earlier this week.

Nutravida's CEO Trevor Millett confirmed to netimperative.com in
August that the company would have to wind down operations at the
end of September if it did not secure new funds. Nutravida had
been operating on the pounds 1m it secured from Internet
incubator eSouk and interactive agency Oyster Partners in
November 1999. Millet was looking for a further pounds 1.5m to
keep going for at least a further six months. He said he was
talking to traditional health and media companies with regard to
funding. With Clickmango having also fallen by the wayside this
leaves just Thinknatural as the main player in this sector.

Thinknatural secured a pounds 3m investment from Kingfisher in
March and has a strategic and marketing partnership with
Superdrug, part of the Kingfisher group. Millett told
netimperative.com at the end of August: "I think Thinknatural did
a fantastic deal . Thinknatural got what we're all after -- a big
partner with deep pockets." The telephone at Nutravida's office
appears to have been disconnected, although the company can be
contacted through a help line number posted on the Web site.


OMULLANE CIVIL:  Liquidation Proceedings
----------------------------------------
Company Name:   Omullane Civil Construction Ltd
Company No:   3334842
Com. Business:   Construction Industry
Appointed on:   06/09/00
Type:   Creditors
Appointed by:   Creditors and Members
Liquidators:   A H Tomlinson  IPno: 6585    
Firm Name:   A H Tomlinson & Co
Address:   St Johns Court  72 Gartside Street
City Postcode:   Manchester  M3 3EL


R COSTAIN & SONS:  Liquidation Proceedings
------------------------------------------
Company Name:   R Costain & Sons Ltd
Company No:   0274452
Com. Business:   Dormant
Appointed on:   06/09/00
Type:   Members
Appointed by:   Members
Liquidators:   Geoffrey L Carton-Kelly  IPno: 8602  Andrew J Tate  
8960
Firm Name:   Baker Tilly
Address:   The Clock House  London Road
City Postcode:   Guildford  GU1 1UW


STEWARTS TRANSPORT:  Liquidation Proceedings
--------------------------------------------
Company Name:   Stewarts Transport Services Ltd
Company No:   SC34496
Com. Business:   Haulage Contractors
Appointed on:   06/09/00
Type:   Creditors
Appointed by:   Creditors
Liquidators:   Robert M Dallas  IPno: 5163    
Firm Name:   Campbell Dallas
Address:   Sherwood House  7 Glasgow Road
City Postcode:   Paisley  PA1 3QS


STURMEY ARCHER: Creditors Meeting to Decide Liquidation  
-------------------------------------------------------
A new owner could be found for Nottingham gears firm Sturmey
Archer. One offer, to buy part of the company, has already been
made and a second offer was expected to be made. The firm, which
employed 300 workers at its site in Triumph Road, Radford,
announced it was closing two weeks ago. Sturmey Archer was sold
12 weeks ago by Derby Cycle Corporation to Lenark. News of the
offers comes ahead of a creditors meeting in Birmingham when it
will be decided whether the firm should be placed into
liquidation, Nottingham Evening Post reported earlier this week.


TOTAL CARE:  Liquidation Proceedings
------------------------------------
Company Name:   Total Care (Midlands) Ltd
Company No:   3132201
Com. Business:   Nursing Home
Appointed on:   06/09/00
Type:   Creditors
Appointed by:   Creditors and Members
Liquidators:   Martin T Coyne  IPno: 6575    
Firm Name:   Poppleton & Appleby
Address:   141 Great Charles Street
City Postcode:   Birmingham  B3 3LG



S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter -- Europe is a daily newsletter co-
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USA, and Beard Group, Inc., Washington, DC USA.  Lexy Mueller,
Mercy Villacastin and Cristina Pernites Editors.

Copyright 2000.  All rights reserved.  ISSN 1529-2754.

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