Benjamin Wiles, Philip Duffy and Trevor Birch of Duff & Phelps, have been appointed Joint Administrators to Calvetron Brands Limited (“CBL”). The original business has weathered a number of changes having expanded into a multi-branded fashion-retailing group in December 2002 with the acquisition of William Baird Plc. Jacques Vert then merged with the Irisa group to become the Jacques Vert Group Ltd in 2012 and in June 2016 the company changed its name to Style Group Brands Limited (“SGBL”). In June 2017 SGBL entered administration and was sold via a pre-pack to CBL.
Peter Ridler, CEO, Calvetron Brands, commented: “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.”
This latest news comes as little surprise given that most of the concession locations operated by CBL are within department stores which are themselves finding trading conditions to be extremely tough. Given the current economic client there are in reality probably only two or three potential buyers for the assets and IP of the business meaning that its brands could well disappear from the retail landscape.
Share