Your browser is no longer supported. For the best experience of this website, please upgrade to a newer version or another browser.

Your browser appears to have cookies disabled. For the best experience of this website, please enable cookies in your browser

We'll assume we have your consent to use cookies, for example so you won't need to log in each time you visit our site.
Learn more

Question mark hangs over Envy Retail future

The future of the Envy Retail business was unclear as Drapers went to press after it emerged that an intention to appoint administrators had been filed just days after the business was bought by a consortium of investors including SKG Capital boss Chris Althorp-Gormlay.

Envy, which has 23 standalone stores and about 20 concessions in Debenhams, was acquired by a consortium of private equity for an undisclosed sum from serial retail investor John Kinnaird, who also owns the Faith footwear chain. The deal was announced on March 17.

However, according to court documents seen by Drapers, an intention to appoint administrator Leonard Curtis to Envy Retail was filed at the High Court on March 18. It is unclear who filed it.

The filing of an intention to appoint an administrator does not necessarily mean a retailer will go ahead with the full administration process and sources said that Althorp-Gormlay intended to continue to trade the business.

Envy Retail could not be reached for comment.

However, separate sources told Drapers Althorp-Gormlay was also considering the sale of Envy’s own label Tom Wolfe, which it acquired as part of the Envy Retail deal.

In addition, Althorp-Gormlay is thought to be meeting with Envy suppliers this week to discuss what the future of the business could be.

One supplier warned: “The business needs stability. It seemed like the previous owners were just changing strategy to survive. The challenge is to establish if there is a place for a mid-market branded retailer. Unless [the new owners] come up with a strong long-term proposition I’m not sure we’ll continue with them.”

Have your say

You must sign in to make a comment

Please remember that the submission of any material is governed by our Terms and Conditions and by submitting material you confirm your agreement to these Terms and Conditions. Links may be included in your comments but HTML is not permitted.