The assets of bespoke tailoring business Cheshire Bespoke and London menswear store Lutwyche have been sold to its founder Tony Lutwyche and a consortium of new investors.
The business fell into insolvency yesterday (July 2) after one of its largest customers Marks & Spencer “significantly reduced” its orders.
The new deal was concluded at a creditors’ meeting yesterday at the offices of insolvency practitioner David Rubin & Partners. The names of the other investors are not yet known.
Crewe-based Cheshire Bespoke is the last large-scale tailored manufacturer in the UK. The Lutwyche shop is located at 15 Clifford Street, off Savile Row in London’s Mayfair.
The new businesses will still be run by Tony Lutwyche, who was formerly an army officer turned tailor.
“I am delighted that we were finally able to conduct a sale of these assets under difficult circumstances,” said liquidator David Rubin.
“There were significant problems surrounding intellectual property rights in the brand name; considerable shortfalls in the value of the leased equipment and the absence of any premises owned or leased by the companies.”
He added: “With this deal, it has been possible to offer 81 jobs to former employees in Crewe and five jobs in London. The assets sale will mean that the considerable skills of the former workforce are saved thus preserving the future export potential of a world-class brand.”