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Kinnaird buys Envy

Retail entrepreneur John Kinnaird has bought struggling menswear chain Envy for £1.

Kinnaird the former boss of shoe chain Dolcis, which went into administration last month, finalised a deal to buy the business this morning.

Kinnaird bought the business via an investment vehicle called Hamsard 3032 on a cash free, debt free basis for £1.

Alexon said it had shed the loss making businesses to concentrate on its womenswear business.

Style Menswear - the holding company for Envy - made an operating loss of £2.7 million on sales of £54.7m over the year to January 28, 2007.

Style Menswear trades from 55 shops and 60 concessions.

Kinnaird is also in talks to buy back 30 Dolcis stores and it is thought he will combine them with Envy to make a new chain. The Envy deal was brokered by Hawkpoint.

More to follow...

Readers' comments (5)

  • I think it’s about time we re-define the definition of an entrepreneur. I always understood it to be an astute wisely business person make who would see an opportunity to start up or invest in a business to make it better and more successful for all concerned.
    John Kinnared has just overseen a Dolise go bust in a short time since he acquired it and in no time at all now he is applying his entrepreneurial skills to another business which will be he has bough for pound. Where is the great business skill in all these monopoly-board deals in our high streets?

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  • Yes it is quite amazing. I feel the silly season is upon us. Here you have one guy that buys Dolcis and puts it into administration, then fresh from this success story goes and buys another distressed business off the same group. All rather strange. On top of this we learn that USC is part of a certain individual's core business. How can a business that has lost so much money over the last two years be part of someone's core business? Expect more strange, over thought press releases over the next few months.

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  • ...and I know for a fact that there are 15,000 pairs of shoes sitting in a factory in China that were not sent to them prior to the collapse..........and what is the poor factory owner to do??? Sell them at a loss to The UK (now the dumping ground of the world for cancelled orders).

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  • It's incredible that a man with a consistent record of failure - not just Dolcis - can shed a business and buy a business within weeks - the ultimate consumer! John Kinnaird has a history of destroying value. His sidekick - Paul Drake, a uniquely unqualified and incapable being, will do no better with Envy than he managed with Dolcis. Indeed his former boss, John Osborne was once compelled to ask if he was a low calibre c***. He didn't wait for the answer. It's such a sad event for those who have invested 10, 15 20 years in building the Envy brand.

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  • Envy has been struggling for a long time and will probably be the next casualty on the high street. In this tough retail climate, middle market retailers need a strong product range and know their customer. Envy seems to fail on both these counts.
    Those previously in charge couldn't turn it around and I doubt the new owners will do any better.

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