Coggles stores have closed and all staff have been made redundant in the wake of the retailer getting snapped up by The Hut Group.
As revealed by Drapers on Friday the etailer struck a deal to acquire the York indie. This morning it was confirmed that the deal was completed on June 13.
Administrator Begbies Traynor said The Hut Group had purchased assets, including stock and all intellectual property such as the brand and the company’s domain names.
However Coggles’ York stores were not part of the deal and so the shops have now closed as a buyer is sought, with all remaining staff being made redundant.
Andy Clay, joint administrator at Begbies Traynor, said: “Our primary duty is to bring about the optimum return for creditors and the offer from The Hut Group was an extremely good deal.
“Unfortunately, most of the interest we received was from potential purchasers wanting to acquire the online side of Coggles’ business which represented the bulk of turnover, rather than for its retail outlets. This means that the stores in York have closed and the remaining staff have been made redundant.”
He added: “Whilst it is sad to see Coggles disappearing from the high street for the time being, and the loss of employment for the remaining staff, it is positive that the business will continue as part of a large and successful specialist online retail group.”
The premium retailer was placed into administration on May 7 after failing to secure new investment.
The indie had been seeking a second round of investment worth £4m to aid further growth, however the investment talks broke down, leading to its collapse.