Vintage accessories brand Ollie & Nic has been rescued by Principles founder Peter Davies after it went into administration.
Clearwater Corporate Finance assisted the founders of Ollie & Nic, Jane and Nick Hill , in securing a rescue bid from Peter Davies, Richard Sims and Chris Inman, who previously held senior roles in Arcadia and were part of the Rubicon team that undertook a management buyout of Warehouse and Principles from Arcadia in 2001.
After the sale of Rubicon to Shoe Studio in 2005, the three have continued their involvement in retail. Davies is also a founder of womenswear brand Mint Velvet.
Nick and Jane Hill will continue to be involved in the future growth and development of the brand alongside incoming managing director, Mark Vandenberghe, who brings a wealth of experience from his former role as international director of Monsoon and Accessorize.
Ollie & Nic went into adminsitration following difficult trading and a festive period that failed to meet expectations and sales targets. MCR partners Geoff Bouchier and Jason Godefroy were appointed joint administrators of Morley trading, which trades as Ollie & Nic, on February 17. The business and certain assets of the Company have subsequently been sold to Onyx Retail as a going concern.
The Ollie & Nic brand was establshed in 2002 as a vintage-inspired handbag and accessories brand that grew from a single store in Brighton to a chain of 11 standalone shops. Products have also been sold through other retailers including Harrods, Harvey Nichols, Urban Outfitters, John Lewis and Selfridges.
Bouchier said: “Our main ambition as appointed administrators was to look for the best possible outcome for the creditors of the company and to save as many employee jobs as possible.
“This we have been able to do and we are delighted to announce the sale of the business and certain assets to Onyx Retail.”