JD Sports Fashion has acquired the major assets of Brand Acquisitions, the business behind menswear brand Peter Werth and contemporary womenswear brand Pink Soda, which went into administration earlier this month.
Brand Acquisitions went into administration on May 13 after investors Electra Quoted Management, which bought the business backed by Clydesdale Bank in 2007, pulled the plug on the business because it could not achieve a turnaround in its required time frame. Jason Baker and Geoff Rowley, partners at FRP Advisory, the specialist restructuring, recovery and insolvency firm were appointed as joint administrators.
Peter Cowgill, executive chairman of JD Sports, said: “We are delighted to have saved another iconic British fashion brand from extinction, following on from the Fenchurch and Duffer of St George acquisitions.’’
Retail group JD Sports Fashion has ridden to the rescue of several brands in recent years, snapping up the likes of Duffer of St George and Sonneti, which it has gone on to use as own labels in its stores. In March JD also rescued streetwear brand Fenchurch from administration. However, it has also acquired standalone wholesale businesses such as Focus Group and rugby brand Canterbury of New Zealand.
Administrator Baker said: “The strength of fashion brands Peter Werth and Pink Soda attracted a high level of interest in the business. JD Sports represented the best outcome for creditors, as well as the business and its stakeholders. The sale saves 68 jobs in Peter Werth concessions across the UK.”
Drapers previously reported that JD is understood to have made more than one approach for Peter Werth, including expressing an interest in the business before it went into administration this week. An offer of just under £1m from investor Edward Woolf of EW Holdings was also tabled before Brand Acquisitions collapsed, Drapers has learnt.
Peter Werth has 160 UK wholesale accounts and 34 House of Fraser concessions. Pink Soda has 40 UK stockists.