- Yankeemagazines |
Calvetron Brands Limited has filed for administration. The group, which operates in the United Kingdom, Canada, Ireland and United Arab Emirates, has appointed Benjamin Wiles, Philip Duffy and Trevor Birch of Duff & Phelps as their administrators this Friday, as confirmed by Duff & Phelps to Yankeemagazines. The company is responsible for the brands Jacques Vert, Précis, Dash and Eastex. Currently, it employs 1408 people -- 997 in the UK, 155 in Ireland and 256 in Canada, putting more than a thousand jobs at risk.
This is the second time in less than a year that the company has entered into administration. In June, one year after changing its name to Style Group Brands, it was sold in a pre-pack administration to a consortium led by British fashion mogul Harold Tillman, who then said the brands managed by the group had "huge potential". TIllman worked as strategic advisor for the company and has left his position in November 2017
Calvetron Brands, the group behind Jacques Vert, files for administration after years of financial struggle
“Everyone at Calvetron Brands has worked with energy and determination to achieve the turnaround that was needed; however, a combination of four brands that needed time and investment, against a backdrop of extremely difficult trading conditions on the high street, rising costs and low customer confidence has meant that we haven’t been able to achieve this within the timescales required“, said the CEO of Calvetron Brands, Peter Ridley, in a statement.
Philip Duffy, from Duff & Phelps, added: “Inflation and wage freezes have been major concerns for many fashion retailers and have been a driving force behind decreased spending. In the difficult retail environment we are facing today CBL simply could not restructure its cost base quickly enough or create the necessary economies of scale to succeed”.
Duff & Phelps also said that it will continue to trade the company, while reviewing the options to sell the business as a going concern.
Picture: courtesy of Style Group/Calvetron