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Peter Werth in administration

Peter Werth, the menswear brand, is in administration Drapers has learned.

Advisory specialists FRP have been appointed administrators to business, which is sold through 35 House of Fraser concessions, 1,440 wholesale UK accounts and one standalone store in Liverpool.

Documents filed at the high court show that Springrealm, Peter Werth’s trading company, appointed FRP administrators on Friday.

According to Companies House, Peter Werth made a loss of £877,836 in the year to January 31, 2010 compared with a £1m pre-tax profit the year before. Sales fell from £11.3m in 2009 to £8.8m in 2010.

It is unclear whether orders for autumn 11 will be honoured but FRP is expected to make an announcement later today confirming the details. It is also unclear whether the administration affects sister brand women’s young fashion brand Pink Soda. As of January 31, 2010 some 79 staff were employed by Springrealm.

In July last year, Greg Tufnell the retail entrepreneur who led the buyouts of Peter Werth and Pink Soda for £10m in 2008, quit Brand Acquisitions, the venture which backed the business.

At the time of the buyout co-founders Peter Werth and David Summers sold their entire shareholding in Springrealm to Brand Acquisitions and private equity firm Electra Quoted Management, which were backed by Clydesdale Bank.

The winding up notice was bought against Springrealm by Clydesdale Bank.

 

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