UPDATED: The investors behind Brand Acquisitions, the parent company behind Peter Werth and Pink Soda, have pulled the plug on the business, forcing both brands in to administration. However, the impact to autumn 11 deliveries should be “limited”.
Joint administrators Jason Baker and Geoff Rowley, partners at FRP Advisory, the specialist restructuring, recovery and insolvency firm said they had already received several expressions of interest in the firm and said they would trade it as a going concern until a sale could be completed.
Brand Acquisitions managing director Peter Lynes said: “It is business as usual. As it stands, the view is autumn will be impacted as little as possible. For the most part we will get through this quickly and out the other side with a stronger brand than we have gone into it with.”
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.
Peter Werth, which has 160 UK wholesale accounts and 34 concessions in House of Fraser, was relaunched at at Bread & Butter in January after a review of the business. The administrators said in a statement that the relaunch had been well received by the market but that the investor’s could not provide continued funding.
The statement added: “The directors sought another investor, however, despite interest, agreement could not be concluded in the time frame the directors had set and, reluctantly, in order to protect the interests of all stakeholders, they placed the group into administration.”
Peter Werth and Pink Soda - which has 40 wholesale accounts - operate from a head office, including warehousing facilities, in North London and a showroom in Manchester. Peter Werth has a total of around 200 wholesale accounts in the UK, Belgium and Germany. The business employs approximately 70 staff.
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