Hoxton Trading, which trades as contemporary fashion retailer Bolongaro Trevor, has filed notice of its intention to appoint administrators as the founder Stuart Trevor fears that it may face a “hostile takeover” from investment vehicle IPGL.
Trevor claims that IPGL, a privately held investment company chaired by former Conservative Party treasurer Michael Spencer, in July made a late withdrawal from a £2.5m investment deal to buy Bolongaro Trevor, which was founded in 2006 by Trevor and his wife Kait Bolongaro.
Drapers understands that Trevor fell out with IPGL in discussions over IPGLS proposed investment and loans to Bolongaro which Drapers understands to be in excess of £220,000.
Further, Drapers believes that another investment firm Hambro Perks, has recently made a bid for Hoxton Trading.
As Drapersonline.com reported last Friday, Hoxton Trading is about to go into administration.
The company blames an unhappy relationship with its partner and supplier The Fielding Group for the problems that have brought about the situation. Following a deal with Fielding in February 2011, the original Bolongaro Trevor company was restructured as Hoxton Trading. Fielding itself appointed an administrator on June 24.
According to Trevor, a significant amount of autumn 14 Bolongaro Trevor stock is being held in The Fielding Group’s warehouses. The administrator for The Fielding Group, Resolve Partners, could not be reached for comment.
Bolongaro Trevor operates five stores in London, plus branches in Leeds, Richmond-upon-Thames, Nottingham and Birmingham and has a transactional website. It has a turnover of about £2m.
The husband and wife team are the major shareholders and the creditors of Hoxton Trading, Drapers understands, and are believed to be owed about £260,000 of an expected £700,000 deficit. The pair are believed to own and control the intellectual property rights relating to Bolongaro Trevor.
Trevor first came to prominence as the designer for Reiss. He founded contemporary fashion company All Saints in 1994, but lost control of it after serial entrepreneur Kevin Stanford, the co-founder Karen Millen, invested in it.
Stanford suffered heavily from the collapse of his Icelandic financial backers and All Saints has been controlled by Lion Capital in May 2011.
Drapers understands that Trevor and Bolongaro are determined not to lose control of their most recent fashion venture.
IPGL declined to comment.