Womenswear business Nougat has been bought by its former owner Harry Rogers’ son, Paul Rogers, while it has emerged suppliers and staff will receive none of the £905,000 owed following its collapse at the end of last year.
Administrator Zolfo Cooper revealed this week that Bubble T Cosmetics, of which Paul Rogers is a director, paid £150,000 for the Nougat business, including its stock and also that of beauty range Body to Home, on December 11.
It also said more than 100 unsecured creditors, including several clothing suppliers and factories, will not receive their share of the £868,000 owed. Preferential creditors, including the business’s 39 employees, will not receive any of the £37,000 they are owed.
Barclays Bank, which is owed £4.1m, will receive £168,000.
Nougat’s sister brand Havren’s concession stock, which is still being sold through department stores including Beales and Browns of York, is assumed to have the value of 15p in the pound, with an estimated recovery value of £75,300.
The remaining Havren concession stock will be sold to Bubble on January 28. John Lewis has decided to close its Havren concessions in 2015.
Drapers understands Rogers intends to start up another fashion label with Nougat included in the title.
Nougat, which appointed Zolfo Cooper on November 21, blamed “a downturn in trade amid challenging market conditions” for the difficulties experienced by the brand house, which was founded in 1990.
The business first defaulted on its bank payments on October 20 and needed an estimated £500,000 to trade until the end of January. The bank was unable to offer additional funding and Harry Rogers said he was not in a position to fill the gap.
Following its demise, Zolfo Cooper contacted 28 interested parties and provided non-disclosure agreements to 13 of those. Many subsequently backed out citing a “lack of brand awareness and weak trading”, but three businesses remained interested until the beginning of December, the administrator said.
Nougat and Havren had more than 50 stockists in the UK and Ireland.