Interviews
Peter Werth & Pink Soda in administration
17 May '11
2 min read
Brand Acquisitions Ltd, the holding company of Springrealm Ltd that owns menswear brand Peter Werth, and womenswear brand Pink Soda, went into administration on 13 May 2011, with the appointment of Joint Administrators Jason Baker and Geoff Rowley, partners at FRP Advisory LLP, the specialist restructuring, recovery and insolvency firm.
Peter Werth and Pink Soda are wholesalers and retailers of men's and women's fashion respectively and operate from a head office, including warehousing facilities, in North London and a showroom in Manchester. Peter Werth has a standalone store in Liverpool, 34 concessions within House of Fraser and has around 200 wholesale accounts in the UK, Belgium and Germany. The business employs approximately 70 staff.
Brand Acquisitions was formed in 2007 and funded by private equity. Peter Werth was acquired in December that year and Pink Soda in July 2009. The current management team had conducted a review of the Peter Werth brand towards the end of last year in collaboration with a leading brand consultancy. The new proposition, including a complete rebranding, was launched to the trade at the Bread & Butter trade show in January this year and was universally well received.
However, despite the rebranding, the Group's investors concluded that they could not provide continued funding. The Directors sought another investor, however, despite interest, agreement could not be concluded in the timeframe the Directors had set and, reluctantly, in order to protect the interests of all stakeholders, they placed the Group into Administration.
Commenting on the case, Jason said: "Unfortunately, to reduce costs, we have had to make certain redundancies at the head office. However, it is our intention to trade the business as a going concern, with a view to finding a buyer and securing the jobs of the remaining employees."
There will be no interruption to trading and a number of expressions of interest have already been received.
Peter Werth and Pink Soda are wholesalers and retailers of men's and women's fashion respectively and operate from a head office, including warehousing facilities, in North London and a showroom in Manchester. Peter Werth has a standalone store in Liverpool, 34 concessions within House of Fraser and has around 200 wholesale accounts in the UK, Belgium and Germany. The business employs approximately 70 staff.
Brand Acquisitions was formed in 2007 and funded by private equity. Peter Werth was acquired in December that year and Pink Soda in July 2009. The current management team had conducted a review of the Peter Werth brand towards the end of last year in collaboration with a leading brand consultancy. The new proposition, including a complete rebranding, was launched to the trade at the Bread & Butter trade show in January this year and was universally well received.
However, despite the rebranding, the Group's investors concluded that they could not provide continued funding. The Directors sought another investor, however, despite interest, agreement could not be concluded in the timeframe the Directors had set and, reluctantly, in order to protect the interests of all stakeholders, they placed the Group into Administration.
Commenting on the case, Jason said: "Unfortunately, to reduce costs, we have had to make certain redundancies at the head office. However, it is our intention to trade the business as a going concern, with a view to finding a buyer and securing the jobs of the remaining employees."
There will be no interruption to trading and a number of expressions of interest have already been received.
FRP Advisory LLP
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