MCR administrators sell Ollie & Nic in pre-pack

HANDBAG BUSINESS Ollie & Nic has been sold to Onyx Retail in a pre-pack administration set up by MCR insolvency practitioners Geoff Bouchier and Jason Godefroy

Bouchier and Godefroy were appointed joint administrators to the business which was sold to Onyz Retail on appointment.

A pre-pack administration entails the insolvency practitioner marketiing the business for sale prior to it entering into an administration. It is sold the same day it enters administration.

Geoff Bouchier said: "Our main ambition as appointed administrators was to look for the best possible outcome for the creditors of the company and to save as many employee jobs as possible.

"This we have been able to do and we are delighted to announce the sale of the business and certain assets to Onyx Retail Limited."

Bouchier and Godefroy, partners at MCR, were appointed to Morley Trading, which traded as Ollie & Nic on 17 February.

Ollie & Nic was established in 2002 and grew from a single store in Brighton to a chain of 11 stand alone shops throughout the UK. Its products have also been sold through high street retailers including Harrods, Harvey Nichols, John Lewis, Selfridges and Urban Outfitters.