An investment team, Calvetron Style Holdings, which included womenswear sector veteran Harold Tillman has acquired Style group Brands from administrators thereby securing the future for Jacques Vert, Eastex, Dash and Precis. The deal has a sting in the tail however as around 200 staff will face redundancy as 17 Jacques Vert stores are closing. The redundancies include around 100 at the retailer’s head office.
Incumbent chief executive Shaun Wills will continue with the retail group which Tillman is reported to have said will place greater emphasis on online sales development as well as growing its department store concessions in the UK and overseas.
The deal was managed by Will Wright and Rob Croxen of KPMG who were appointed as administrators on Friday 2nd June. In a joint statement, Croxen and Wright commented that the deal sees Calvetron acquire all assets of the company and trading is anticipated to continue in the concessions based in the UK, Ireland, Canada and the Middle East, and five standalone stores, securing around 1719 jobs in those locations. Of these 1271 are UK based.
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