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.
BDO has announced two key international appointments as the firm continues to expand in its private client business across the BDO global network
Online accountancy firm, My Accountant Friend (MAF), has opened its latest office in Birmingham and recruited new partner, Richard Ingledew
Steve Absolom and Will Wright from KPMG Restructuring have been appointed joint administrators to City Motor Holdings and associated companies
KPMG has announced the appointment of Sarah Willows as chief financial officer and head of operations