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Indies snap up 20 Select shops

Fashion independents have bought 20 Select stores, after the value chain went into administration earlier this year.
Turnaround and recovery specialist UHY Hacker Young, which sold half of the 250 stores back to Select owner Cafer Mahiroglu for £2.5 million last month, said it had been contacted by a number of interested parties regarding the remaining 125 shops.

UHY Hacker Young partner Andrew Andronikou said: “We’ve sold 20 shops to a handful of fashion independents and received a lot of interest for the rest, but people are not prepared to pay a lot and are going directly to landlords.”

Andronikou could not disclose the buyers of the shops because of confidentiality clauses. He added that 30 of Select’s remaining shops had closed, leaving between 60 and 70 stores. “We’re reviewing the portfolio on a 48-hour basis,” he said.

Andronikou added that he had been contacted by some of Select’s former directors about the remaining shops, but the identity of these directors was unclear as Drapers went to press.

Separately, Mahiroglu is hunting for a finance director for the new Select business.

Have you bought a Select store? Tell us your story: email ana.santi@emap.com

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