The Baird Group which produces menswear under the Jeff Banks, Racing Green, Ben Sherman, Hammond & Co, Occasions and The Collection brands has called in KPMG to support its CVA process. The business also has a tailoring concession with Debenhams which is one of the principal drivers behind the Baird Group decision to reorganise its business.
Associate Partner, KPMG, Howard Smith said: “Baird Group has a proud heritage in the menswear market, with a number of popular high street brands. However, the business has been impacted significantly by the strong headwinds facing the retail sector, including the performance of its concession partners, a sub-sector of retail that has seen a high level of insolvencies in recent years. These challenges were then further exacerbated by the impact of the Covid-19 pandemic. The CVA therefore forms a key plank of a wider turnaround programme, which seeks to move the business away from a reliance on concessions, high street channels and workwear categories, instead focusing investment on attractive outlet centres and online sales.”
Subject to the CVA receiving support, the business will be planning to make around 250 staff connected with its Debenhams concessions redundant. It will instead then focus on its own retail outlets Suit Direct and Ben Sherman, on the wholesale channel and its own eCommerce operation.