Home / Knowledge / News / Apparel/Garments / UK's Hilco acquires Irish retail business A|wear
UK's Hilco acquires Irish retail business A|wear
22
Oct '11
UK-based distressed restructuring specialist firm Hilco has acquired A|wear, a fashion retailer based in Ireland.

Though no details regarding the acquisition cost have been disclosed, Hilco said it would provide extended working capital facility to A|wear to cater to the financial needs of the business.

In 2007, Brown Thomas sold A|wear to a conglomerate comprising UK private equity group Alchemy Partners and management for a reported price of €70 million. The consortium acquired a 20 percent stake in the acquired firm.

The deal was supported by debt extended by Ulster Bank. However, it is yet not clear if the Bank has consented to write off the entire sum or a part of the debt in support of current Hilco deal.

A|wear too, like most other retailers in the country, faced tough times during the global slump. The revenues of A|wear's parent firm Maple Topco Ltd plummeted to €44.8 million during the 12 months ended January 2010 from €58.1 million recorded in the 12 months ended January 2009. The company incurred a loss of €17.8 million during the period, as against a loss of €4.7 million in the previous 12 months.

At the end of 2010-11 fiscal, the parent firm's bank borrowings hiked to €34.4 million.

As stated by A|wear, overall sales of the firm for 2010 came to be worth €48 million.

Mr. Paul McGowan from Northern Ireland is currently the Chief Executive of Hilco, while Larry Howard, who initially served as a Finance Executive with Dunnes Stores, has been appointed as Managing Director of Hilco's Irish office since September 1, 2011.

Speaking about the recent acquisition, Mr. McGowan said they are very happy to have acquired one of the leading retail brands of Ireland and hope to extend operational support to the retail business in times to come as A|wear's administration would be in need of finance to cope with the market conditions prevailing in Ireland and also to build its overseas market.

A|wear started its retail business in Ireland in early 1960s and now employs a staff of around 370 persons. The firm operates three outlets in the UK and 39 outlets in Ireland and also has an online sale point and wholesale businesses.

Fibre2fashion News Desk - India


Must ReadView All

Textiles | On 20th Aug 2017

PetroVietnam, Vinatex discuss reviving PVTEX plant

Discussions are under way between PetroVietnam and textile and...

Courtesy: Mexx

Fashion | On 20th Aug 2017

RNF acquires Mexx fashion brand

RNF, the Dutch sports and fashion holding, has purchased the global...

Textiles | On 20th Aug 2017

Intertextile Shanghai Home Textiles opens on August 23

Intertextile Shanghai Home Textiles, Asia’s leading platform to meet...

Interviews View All

Siddharth Biyani
Mangalam Industries Pvt Ltd

‘The manufacturing sector is improving day-by-day, becoming better in...

Jim Desai
Blaiva Fabricaa

Fashion industry likely to remain labour-intensive in coming years

Pratik Bachkaniwala
Palod Himson Machines

Fabric processing machines are picking up

Johan Berlin
InvestKonsult Sweden AB

Investkonsult Sweden AB has been buying and selling second-hand textile...

Paolo Ocleppo
Sandvik Hyperion

Paolo Ocleppo, Rotary Cutting Segment manager, Sandvik Hyperion discusses...

Kevin Nelson
TissueGen

Kevin Nelson, Chief Scientific Officer, TissueGen discusses the growing...

Karan Arora
Karan Arora

Bridal couture created with rich Indian heritage, exquisite craftsmanship...

Bani Batra

Bani Batra’s couture wedding collection is inspired by traditional Indian...

Tony Ward
Tony Ward

"You have to truly understand what your client wants, know her needs, what ...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

August 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Active Poll

Do you see sustainability as a route to business growth?

Yes
66.7%
No
16.7%
Skip
16.7%

Total Votes: 30

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Active Poll

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes
43.3%
No
36.7%
Skip
20.0%

Total Votes: 30

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Active Poll

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes
83.3%
No
6.7%
Skip
10.0%

Total Votes: 30

Thanks for your valuable feedback. Claim your free latest sustainability e-book.

Active Poll

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes
60.0%
No
10.0%
Skip
30.0%

Total Votes: 30


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search