British retailer Next plc acquires Cath Kidston

The company has agreed to acquire the brand name, domain names and intellectual property of CK Acquisitions Ltd from the administrators for consideration of £8.5 million, Next said in a press note. 

The cathkidston.com domain will be licenced back to the administrators for a period of up to 12 weeks to effect stock clearance, prior to relaunch under the Next’s ownership.

Zelf Hussain and Rachael Wilkinson of PwC have been appointed as joint administrators of CK Acquisitions Limited.

Zelf Hussain, joint administrator and partner, PwC, said in a statement: "Cath Kidston is a well-loved lifestyle brand founded in 1993 and I am pleased to say that it has been bought by Next who will make sure it continues to flower under their ownership. The company has over recent years navigated through incredibly challenging market conditions including the pandemic restrictions, and most recently the decline in consumer spending driven by cost-of-living pressures and rising costs.

“In the short term its four stores will continue to remain open whilst operations are wound down. Sadly, there will be redundancies during this period of wind down and we will continue to support the staff throughout this period."

The company employs 125 people, with stores in London, Ashford, Cheshire Oaks, and York. These will remain open to trade down stock before closing permanently.

Fibre2Fashion News Desk (KD)