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Owners rescue slimmed-down Crowther from administration

Crowther, the menswear supplier and owner of shirt brand Haines & Bonner, has been saved from administration by its owners.

Business restructuring group BDO Stoy Hayward sold Crowther to John Langford & Co, of which Crowther founder Simon Crowther is chairman, for an undisclosed sum.

He said: "Our customers are not affected by this. All deliveries have been made. In future, the key emphasis will be on developing the Pierre Cardin brand, which continues successfully." Crowther is the UK licensee for Pierre Cardin.

Crowther was forced into administration after it was unable to agree new banking terms with HSBC.

Two of the business's four stores have closed, but no jobs have been lost.

The two remaining stores are on Long Acre and Drury Lane in London's Covent Garden.

Haines & Bonner sells shirts, ties and cufflinks, sitting alongside TM Lewin, Gieves & Hawkes and Hawes & Curtis. It also has a transactional website, which sells both womenswear and menswear.

Crowther posted turnover of £12 million and operating profit of £45,000 for the year to June 30 2006, according to accounts filed at Companies House.

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