Style Group Brands, the UK’s largest concession based retailer which trades under the names of Jacques Vert, Precis Petite, Eastex and Dash, has been sold to a subsidiary of Calvetron Style Holdings Limited.
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 were appointed joint administrators of Style Group Brands Limited on 2 June 2017.
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 anticipated 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 UK¹ are not part of the sale and will close immediately. These closures unfortunately result 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.”
Wright added: “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.”
Notes to Editors:
¹ The following standalone stores in the UK are not part of the sale:
The joint administrators will be writing to all creditors over the coming days. Urgent enquiries only should be directed to firstname.lastname@example.org.
For media queries, please contact:
Gill Carson, Senior PR Manager, KPMG
T: 020 3078 4189
M: 07768 635843
KPMG Press office
Tel: +44 (0) 20 7694 8773
KPMG LLP, a UK limited liability partnership, operates from 22 offices across the UK with approximately 13,500 partners and staff. The UK firm recorded a revenue of £2.07 billion in the year ended 30 September 2016. KPMG is a global network of professional firms providing Audit, Tax, and Advisory services. It operates in 152 countries and has 189,000 professionals working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International Cooperative ("KPMG international"), a Swiss entity. Each KPMG firm is a legally distinct and separate entity and describes itself as such.
KPMG has launched a state of the art digital platform that enhances your experience and provides improved access to our content and our people, whatever device you are on.