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Alexon calls in KPMG to consider restructuring options

Alexon Group has appointed KPMG as restructuring specialists to help it turn round its performance.

According to reports in The Independent, the womenswear group, which owns mainstream womenswear chains including Ann Harvey, Eastex, Alexon and Kaliko, has confirmed that it has hired the accountancy firm, as it considers a range of options to help it stay afloat.

The womenswear group said on Monday that while it is exploring options, these form part of its ongoing capital restructuring plans for the company. However, the retail chain did say that one of its options includes considering takeover possibilities, and it is in discussions with more than one party.

A spokesman for Alexon Group said: “Since our announcement on Monday we have received a lot of interest. The board has appointed KPMG to work through this interest in addition to pre-existing discussions with Directors and Investec to ensure that the best outcome is reached.”

Last year the group renegotiated its banking facilities and covenants with Barclays including an extra £2.5m one-year loan facility running until the end of April 2012.

Alexon Group owns 69 standalone stores across all of its chains in the UK plus a further eight clearance outlets. It also operates 819 concessions across all chains plus 14 clearance concessions.

Readers' comments (1)

  • Angela Marshall

    It’s a shame but I think they have lost their way. The buyers for Alexon, in particular, need to change and go back to some of their popular items e.g. tops. The suit styles were all the same and often not suited to the body shapes of the ladies for their brand. With the classic look back in fashion they need to apply this to their classic clients both in shape and personality. Eastex is still the main brand for the older women, but it needs a variety of styles for the various body shapes.

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