Nick Hart, the tailor behind premium menswear retailer Spencer Hart, has vowed to keep building the brand after the firm’s subsidiary Spencer Hart Retail went into liquidation last month.
Spencer Hart Retail was a subsidiary of holding company Hart Savile Row, which owned the leases to the Spencer Hart stores on Savile Row and Brook Street, and a concession in Selfridges.
Spencer Hart Retail went into liquidation in September after it failed to meet the terms of the company voluntary arrangement (CVA) it was forced to enter in November last year. It was left owing 59 creditors a total of £1.13m.
Hart Savile Row last week sold the lease on the store at 36 Savile Row to raise capital, but the store at 62-64 Brook Street continues to trade. It is not yet known who has bought the Savile Row lease.
“I did absolutely everything I could to protect our investors and creditors,” Hart told Drapers. “The CVA failed because we lost a couple of lucrative design deals, our Selfridges concession became extremely difficult to trade in and we had a lot of production issues caused by the fact that we were distracted by trying to sort out the CVA.
“I started the business 11 years ago and still believe Spencer Hart is a great brand with an amazing clientele. For me it is all about providing a luxury product and exceptional service.”
Hart Savile Row also filed a CVA with Companies House earlier this year. “This CVA, however, is quite successful and the creditors have been supportive,” said David Rubin of accountancy firm David Rubin & Partners, which is dealing with the CVA.
“My view is that, like many other companies, it got into a lot of debt over the last five years and now the entire group has undergone a restructuring. It has sold the Savile Row lease, which has given it some capital, and if they can make a go of it they will be successful.”