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Shannon mulls Adams rescue

Former Adams chairman John Shannon has not ruled out buying back the kidswear chain for a third time, according to sources.

Adams’ owner JS Childrenswear hit the buffers for the third time in as many years last week, as revealed by Drapersonline.com on January 22.

Suppliers to Adams, many of which are still owed money by the business, told Drapers that payments had been continually late since Shannon sold the business to

Pakistani investment group Habib Alvi in September 2009.

One supplier said: “[Habib Alvi] over-ordered and buried their heads in the sand. Any new owner would have to repay debts to suppliers to make sure they could keep suppliers onside.”

It is understood that Shannon drafted in administrators MCR after Habib Alvi was late with loan repayments due to him following last year’s sale of the business.

MCR partner Paul Clark said there were a number of interested parties and that the company was still trading.

 

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