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.
Partners at the insolvency firm Craig Povey and Kevin Murphy were appointed liquidators on 2 February
Fraser Nicol joins the firm from EY, bringing experience in cyber security, data analytics and business technology
Rowan Williams will be responsible for growing the firm’s presence in the Gatwick Diamond and across the south east
Kevin Humphreys joins the insolvency and restructuring firm from the National Crime Agency (NCA) Economic Crime Command