PracticeAccounting FirmsAlixPartners appointed administrators at Austin Reed

AlixPartners appointed administrators at Austin Reed

Peter Saville, Kevin Coates and Catherine Williamson, of AlixPartners, appointed joint administrators of Austin Reed

AlixPartners appointed administrators at Austin Reed

RESTRUCTURING firm AlixPartners has been appointed administrators to collapsed menswear chain Austin Reed, the second casualty for Britain’s beleaguered High Street this week after the failure of BHS.

AlixPartners were appointed administrators to the 116-year old retailer which will continue trading out of its 150 stores as it explores “all possible options” for its future including a sale of all or parts of the business.

Austin Reed’s administration comes as a result of cash flow difficulties arising from challenging retail market conditions

Founded in 1900 the fashion retailer, headquartered in London, has 100 standalone stores and 50 concessions throughout the UK and Ireland. The group employs a total of 1184 staff across its network.

More than 1,000 jobs are at risk following its collapse, which comes less than 24 hours after BHS collapsed into administration.

Peter Saville, Kevin Coates and Catherine Williamson, of AlixPartners were today appointed joint administrators over Austin Reed Limited, Austin Reed Group Limited, ARG (Property) Limited, Country Casuals Limited, Country Casuals Holdings Limited and Darius Capital Limited.

Peter Saville, joint administrator, comments: “Our priority now is to work with all stakeholders and determine the optimum route forward for the business as we continue to serve customers throughout the UK and Ireland.

“Austin Reed is a well-regarded and iconic brand and therefore we are confident that it is an attractive proposition for a range of potential buyers, as such we expect, and welcome, contact from interested third parties.”

In February last year, AlixPartners completed its acquisition of Zolfo Cooper Europe in a deal thought to be around $100m (£65m).

The deal expanded AlixPartners’ UK and continental European practice and will add 200 senior professionals to its operations across the region. Operating from offices in London, Birmingham, Leeds, Manchester, and Glasgow the arrival of Zolfo Cooper created a regional practice of close to 600 people.

Related Articles

Leonard Curtis Scottish office led by ex-KPMG senior manager

Accounting Firms Leonard Curtis Scottish office led by ex-KPMG senior manager

10m Accountancy Age editorial
Managing partner Q&A - the year ahead: Richard Toone, CVR Global

Accounting Firms Managing partner Q&A - the year ahead: Richard Toone, CVR Global

11m Kevin Reed, Writer
Kingston Smith liquidators to distribute millions to Bond International Software PLC members

Accounting Firms Kingston Smith liquidators to distribute millions to Bond International Software PLC members

11m Stephanie Wix, Writer
Leonard Curtis launches legal services division

Accounting Firms Leonard Curtis launches legal services division

1y Accountancy Age, Reporters
Smith & Williamson appointed administrators of 4Children

Accounting Firms Smith & Williamson appointed administrators of 4Children

1y Richard Crump, Writer
FRP Advisory sells Spectrum Contracting to Minstrell Recruitment

Accounting Firms FRP Advisory sells Spectrum Contracting to Minstrell Recruitment

1y Stephanie Wix, Writer
Johnston Carmichael appointed as joint administrators for Axon Well

Accounting Firms Johnston Carmichael appointed as joint administrators for Axon Well

1y Stephanie Wix, Writer
Begbies Traynor appointed administrators of William Anelay

Accounting Firms Begbies Traynor appointed administrators of William Anelay

1y Richard Crump, Writer