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Style Group Brands sold in pre-pack deal

Style Group Brands, which owns womenswear brands Jacques Vert, Eastex, Precis and Dash, has been sold in a pre-pack administration deal, resulting in the loss of 272 jobs.

The struggling business appointed Will Wright and Rob Croxen of KPMG as administrators on 2 June. They then sold the majority of the business and assets to a subsidiary of Calvetron Style Holdings.

Retail investors in Calvetron include Harold Tillman, Sandeep Vyas and Haseeb Aziz.

A total of 17 UK stores and seven concessions in Belgium were not part of the deal and will close immediately.

The closures have resulted in 272 job losses, including 98 staff at the head office in Shoreditch and warehouses in Durham.

Concessions based in the UK, Ireland, Canada and the Middle East, and five standalone UK stores will continue to operate, securing around 1,719 jobs, 1,272 of which are UK-based.

Style Group Brands operates 318 concessions based in the UK and Ireland, seven in Belgium, 51 in Canada and 14 in the Middle East. It also has 22 standalone stores in the UK.

Wright said: “The deal rescues one of the UK’s leading concession retailers and will see the continued trading of four high street brands, preserving a large number of jobs. It is a positive outcome given the challenging economic pressures faced by retailers across the UK.

“Whilst a significant number of jobs have been preserved, sadly redundancies will be made. Over the coming days, our priority is to ensure all employees who have been affected by redundancy receive the information and guidance they need in order to claim their entitlement from the Redundancy Payments Office.”

In March, Style Group Brands appointed KPMG as a consultant to “work on the numbers” as part of plans to get the business back on track under new chief executive Shaun Wills.

It has been since looking for new investors to avoid falling into administration.

 

Full list of store closures: 

jacques vert closures

 

 

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