Supplier Hammer and Theelen, which trades as Hillbrow Fashions and suppliers retailers including Debenhams and the Arcadia group, has been put into administration following 106 years of trading.
Established in 1904, Hammer and Theelen went into administration yesterday with the appointment of joint administrators Geoff Rowley and Jason Baker, partners at restructuring, recovery and insolvency firm FRP Advisory.
The supplier will continue to operate as a going concern with no redundancies made while the administrators seek a buyer for the business.
Hammer and Theelen, based in Stratford, East London, sources and supplies fashion clothing accessories for retail chains including Debenhams, Dorothy Perkins, Topshop, Asos and Jane Norman. The company employs five members of staff and has an annual turnover of around £3m.
FRP Advisory said it is working closely with suppliers and customers to fulfil the company’s £1.72m autumn 10 order book.
Rowley said: “It is a great shame that this historic firm has been forced into administration. In common with many suppliers in the UK retail market, the business has found its margins under increasing pressure, particularly given intensifying competition from suppliers in Asia.
“Ultimately, the directors concluded that the business could not continue to trade without the protection of administration. The company does, however, maintain strong relationships with its key customers and, together with them, we are focused on fulfilling the existing, healthy order book.”