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Exclusive: Coggles bought out of administration

York indie Coggles is understood to have been acquired by online retailer The Hut Group.

Although neither the administrator nor The Hut Group would comment, a source close to the situation confirmed that The Hut Group has rescued the indie retailer.

It is thought the deal was formally completed in the past day.

The premium retailer was placed into administration on May 7 after failing to secure new investment, with insolvency firm Begbies Traynor appointed administrators.

Last week joint administrator Andy Clay said Begbies Traynor had accepted an offer from an undisclosed party, and he was optimistic the business would be saved.

At the time Clay would not disclose who the potential buyer was, beyond confirming it was a company rather than an individual, adding that the majority of the business will be sold.

Prior to its collapse, Coggles had been seeking a second round of investment worth £4m to aid further growth, following an initial £3m funding from Manchester Square Enterprises, a subsidiary of Pentland Group, in 2011.

 

Readers' comments (4)

  • The Hut Group? Makes a change from getting endless e-mails about 75% off Boxfresh. They don't do brands any favours at all.

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  • Hut? Guess they get a load of top notch branded stock for cash n carry price?

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  • Watch out suppliers. If it doesn't move quickly it'll be on the site in a flash.

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  • I note on the Hut website they are a fast moving FMCG operation, not sure Coggles fits into that modal - supply them at your peril

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