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Austin Reed files notice of intention to appoint administrators

Austin Reed has filed notice of its intention to appoint administrators at the High Court, less than a week after it was acquired by Alteri Investors.

Austin Reed on Regent Street

 

The filing means the firm has 10 days’ protection from its creditors’ demands.

One source told Drapers the firm may not go into administration, but suggested it may use the notice as a “bargaining tool” to help in negotiations with landlords and investors.

It comes just over a year after Austin Reed Group entered a company voluntary arrangement (CVA) and closed more than 30 underperforming stores.

In April of this year, the group appointed turnaround consultancy AlixPartners. Last week, as exclusively revealed by Drapers, the business was acquired by Alteri Investors.

Alteri first became involved with Austin Reed when it provided a three-year loan in May 2015 to buy new stock and invest in the group’s online operations.

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