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    Zavvi - Important Customer Announcement

    Notice to Customers 24.12.2008

    What has happened?

    Zavvi Group Limited
    Zavvi Retail Limited
    Piccadilly Entertainment Stores Limited
    VR Service Limited
    Ablegrand Limited
    Ablegrand 2 Limited
    (together “Zavvi UK” or “the Group”)

    Tom Jack, Simon Allport and Alan Hudson of Ernst & Young LLP were today appointed Joint Administrators of Zavvi UK. In addition, Tom Jack and Andrew Dann of Ernst & Young LLP were appointed as Joint Liquidators of zavvi Online (Guernsey) Ltd. At this time zavvi Ireland is not subject to any formal insolvency proceedings.

    On 27 November 2008 Entertainment UK Limited (EUK), the Zavvi UK’s main supplier, went into Administration. Since this time, the Group has been unable to source stock in the usual way and has been forced to enter into new trading arrangements. The Directors understand it is unlikely that EUK will be sold as a going concern and the Group has continued to experience significant difficulty in obtaining stock on favourable credit terms. In addition, the Group has recently experienced a material fall in revenues due to the abrupt downturn in consumer spending. As a result of the above factors the Group began to experience significant cash flow pressure and ultimately became unable to pay its debts as they fell due.

    Purpose of Administration

    The purpose of the Administration Order is to realise Group assets for the benefit of its creditors. The Joint Administrators intend to enable the Group to continue to trade whilst seeking a buyer for all or parts of the business.

    Whilst in Administration, the Joint Administrators are ultimately responsible for Zavvi UK. However, the existing management team will be responsible for the day-to-day running of the Group.

    Business as usual

    Zavvi UK has not ceased to trade and customers will be able to continue shopping at zavvi stores across the UK and Ireland. Unfortunately, the zavvi website will not be taking any online orders and it will not be possible to redeem vouchers in store. Arrangements regarding returns and vouchers will be communicated separately.

    Tom Jack
    Joint Administrator

    The Institute of Chartered Accountants in England and Wales authorises T A Jack and S Allport to act as Insolvency Practitioners under section 390(2)(a) of the Insolvency Act 1986 and the Association of Chartered Certified Accountants authorises A M Hudson to act as an Insolvency Practitioner under section 390(2)(a) of the Insolvency Act 1986.

    The affairs, business and property of the Group are being managed by the Joint Administrators T A Jack, S Allport and A M Hudson. The Joint Administrators act as agents of the Company only and without personal liability.

    2. Customer Frequently Asked Questions

    Q: I have a Zavvi gift voucher, can I redeem it?

    It is expected that all customers who purchased zavvi gift vouchers from zavvi stores from 27 November 2008 will receive a full refund in respect of the unredeemed value of the gift vouchers. Unfortunately, it is not possible for vouchers to be redeemed in stores.

    All customers who have unredeemed vouchers acquired since 27 November 2008 should write to the Joint Administrators at the following address, quoting their voucher number(s), enclosing the original voucher(s) and quoting their full name and address for return correspondence:

    zavvi Vouchers
    c/o The Joint Administrators of zavvi Group
    Ernst & Young LLP
    100 Barbirolli Square
    M2 3EY

    We recommend that customers keep a copy of vouchers for their records.

    Regrettably, it will not be possible to refund vouchers acquired prior to 27 November 2008. Customers with unredeemed vouchers acquired prior to 27 November 2008 should write to the Joint Administrators at the above address, asking for their claim to be registered as an unsecured claim.

    Please note, due to the large volumes of vouchers that are currently outstanding it is not possible to discuss individual customer queries in person at this stage.

    Q: Will any zavvi stores close?

    It is too early to say. This will depend on the ongoing trading results of zavvi and any potential sale of the Group’s business and assets. Stores in Liverpool (Clayton Street), Southampton and Aberdeen Bon Accord are expected to close on 30 December 2008, 31 December 2008 and 13 January 2008 respectively, as planned by the Group prior to the Administration.

    Q: How will the Administration affect the returns policy?

    The Joint Administrators will accept returns to store of faulty goods or the return to store of unwanted goods within 28 days of date of purchase, on the following basis:

    * Customers shall be allowed to exchange goods with an identical direct replacement, or for an alternative up to the same value based on current selling prices. An item returned may not be exchanged for more than one replacement.

    * For all returns with a value per customer in excess of £50, proof of purchase must be provided. In such circumstances, customers shall be allowed to exchange these goods with an identical direct replacement, or for alternative goods to the same value based on current selling prices.

    * Proof of purchase may still be required for returns below £50 per person at the store manager’s discretion.

    * Where goods benefit from an original manufacturers warranty customers should contact the original supplier directly regarding the exchange / replacement of faulty goods.

    * No cash refunds will be given for any returns, or for the difference between original purchase price and the replacement item.

    * Customers shall be required to pay the excess if the price of the replacement selected exceeds the item returned. Any customers unable to exchange items in accordance with the above policy or with an outstanding claim that has not been satisfied under the above policy should write to the Joint Administrators at the following address, enclosing details of their claim together with original proof of purchase and quoting their full name and address for return correspondence:

    zavvi Returns
    c/o The Joint Administrators of zavvi Group
    Ernst & Young LLP
    100 Barbirolli Square
    M2 3EY

    Q: I have a problem regarding Virgin Mobile concessions, who should I speak to?

    Virgin Mobile concessions (Virgin Media) operate from a number of stores. This company is not in Administration and the employees are not employed by the zavvi Group. All enquiries relating to Virgin Mobile/Virgin Media should be directed to that organisation.
    Buy music, DVDs, games and books online with free delivery - zavvi UK

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    Edu-IT's Avatar
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    I don't think downloads will be coming soon, as described on their site.

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