- Vivian Hendriksz |
Style Group Brands, the parent company of womenswear brands Jacques Vert and Eastex, is said to be on the cusp of being sold via a pre-pack administration deal following speculation the company could collaspe into administration.
A consortium of retail investors, which is said to include former Jaeger owner and BFC leader Harold Tillman, Sandeep Vyas and Haseeb Aziz, are in discussion to purchase Style Group Brands through a pre-pack administration deal, according to a report from Sky News.
A pre-pack administration would likely see the majority of the 1900 roles at the company saved, which many consist of retail concessions at department stores like House of Fraser. But a source noted the deal would include the closure of a number of a outlets, which mean some jobs will be lost. A deal is expected to be finalised by the end of the week.
"If it's going to happen, it has to happen this week," said one source. KPMG, who was hired by Style Group Brands as a consultant, is said to be preparing to place Style Group Brands into administration over the next few days. The move comes shortly after reports emerged that KPMG was seeking a new owner to take over the retail busniess or part of its assets.