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Style Group Brands sold to Calvetron Style Holdings
09 Jun '17
2 min read
Courtesy: Style Group Brands
Style Group Brands, the UK’s largest concession based retailer which trades as Jacques Vert, Precis Petite, Eastex and Dash, has been sold to a subsidiary of Calvetron Style Holdings. Style Group Brands operates 318 concessions based in the UK and Ireland, seven in Belgium, 51 in Canada and 14 in the Middle East. It also has 22 standalone stores in the UK.
As part of the sales process, Will Wright and Rob Croxen of KPMG LLP have been appointed joint administrators of Style Group Brands.
Following their appointment, the joint administrators completed an agreement to sell the majority of the business and assets to a subsidiary of Calvetron Style Holdings Limited. The deal sees them acquire all assets of the company and trading is expected to continue in the concessions based in the UK, Ireland, Canada and the Middle East, and five standalone stores, securing around 1,719 jobs in those locations. Of these, 1,272 are UK based employees.
The seven concessions in Belgium and 17 standalone stores in the UK are not part of the sale and will close immediately, resulting in 272 job losses including 98 staff at the head office in Shoreditch and warehouses in County Durham.
Will Wright, partner at KPMG and joint administrator, commented: “The deal rescues one of the UK’s leading concession retailers and will see the continued trading of four high street brands, preserving a large number of jobs. It is a positive outcome given the challenging economic pressures faced by retailers across the UK.”
“Whilst a significant number of jobs have been preserved, sadly redundancies will be made. Over the coming days, our priority is to ensure all employees who have been affected by redundancy receive the information and guidance they need in order to claim their entitlement from the Redundancy Payments Office,” Wright added. (SV)
As part of the sales process, Will Wright and Rob Croxen of KPMG LLP have been appointed joint administrators of Style Group Brands.
Following their appointment, the joint administrators completed an agreement to sell the majority of the business and assets to a subsidiary of Calvetron Style Holdings Limited. The deal sees them acquire all assets of the company and trading is expected to continue in the concessions based in the UK, Ireland, Canada and the Middle East, and five standalone stores, securing around 1,719 jobs in those locations. Of these, 1,272 are UK based employees.
The seven concessions in Belgium and 17 standalone stores in the UK are not part of the sale and will close immediately, resulting in 272 job losses including 98 staff at the head office in Shoreditch and warehouses in County Durham.
Will Wright, partner at KPMG and joint administrator, commented: “The deal rescues one of the UK’s leading concession retailers and will see the continued trading of four high street brands, preserving a large number of jobs. It is a positive outcome given the challenging economic pressures faced by retailers across the UK.”
“Whilst a significant number of jobs have been preserved, sadly redundancies will be made. Over the coming days, our priority is to ensure all employees who have been affected by redundancy receive the information and guidance they need in order to claim their entitlement from the Redundancy Payments Office,” Wright added. (SV)
Fibre2Fashion News Desk – India
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