Austin Reed boss could lead buyout
Austin Reed chief executive Nick Hollingworth will lead a management buyout of the company if the menswear retailer is put up for sale by struggling Dawnay Day.
Dawnay Day is reviewing its assets following the appointment of administrators. Austin Reed is not part of the Dawnay Day group but its founders Guy Naggar and Peter Klimt have a stake in the business.
Hollingworth said that if Austin Reed was put up for sale to gain proceeds to help support the Dawnay Day, he would lead a buyout of the firm.
Hollingworth told the The Sunday Express, "If Austin Reed does come onto the market, I and the existing management want to stay involved with the business".
Administrators from Ernst & Young were called in to Dawnay Day last week to review the business, while BDO Stoy Hayward were appointed to oversee the administrative receivership of the parts of the Dawnay Day property business.