150-year-old menswear firm falls into administration

Tue, 12 Sep 2017 | ADMINISTRATION

A menswear firm that has been on British high streets for more than 150 years closed its doors for the last time this week, after announcing that it would go into administration.

Greenwoods Menswear and Suit Hire, which is based in Bradford but has 63 branches across the UK, appointed Deloitte as administrators on 6 September.

At the time of their appointment, Greenwoods employed some 318 people across their operations, which include flagship stores in the Octagon shopping centre in Burton. No redundancies have yet been confirmed.

Though many stores are still open, notices have been seen in branches announcing the administration move.

The menswear store, which started life in 1860 as a hatter’s shop, sells a range of suits, shirts, ties and shoes, but might be best known as the second largest formal garment hirer in the UK.

Recent accounts suggest Greenwoods has an annual turnover of around £20 million.

Deloitte’s Adrian Berry, appointed as administrator alongside Clare Boardman from the same firm, said that Greenwoods was currently “assessing the options available”, which include a potential sale of the business, with trading continuing in the meantime, and confirmed that there were no redundancies to announce “at this stage”.

He added: “This is a challenging time for the UK retail sector, which has affected the company.”

The company was previously subject to a takeover bid from a Chinese retailer in 2008. A mooted deal to buy a 50 per cent stake in Greenwoods fell down, however, due to the effect of the worldwide economic downturn later that year.

The firm then entered administration in 2009 but a subsidiary of Harvest Fancy Hong Kong bought 87 of Greenwoods’ 92 retail locations from administrators.

Subscribe to Business Sale Report
Businesses in administration


Share this article



Latest Businesses for Sale

Consulting Engineers Focused on the Built Environment
London, UK

Unusual opportunity to acquire this national and well established, full service Mechanical & Electrical consulting engineering company. Offers invited.

Asking Price: £2,700,000
Turnover: £5,800,000

LEASEHOLD


Freight Brokerage Services
UK Wide

Works with a network of reliable hauliers to provide comprehensive and reliable logistics solutions on a national basis. Offers invited.

Asking Price: Offers Invited
Turnover: £420,000

RELOCATABLE


Food Manufacturer Specialising Flatbread Products
North of England, UK Wide

Has established a prominent position with clients in its industry due to its prestigious portfolio. Operates from two leasehold premises. Offers invited.

Asking Price: Offers Invited
Turnover: £671,000

LEASEHOLD



View more businesses for sale

News Search

Latest News

 
23
 
May
 

Fintech company Loot collapses into administration | ADMINISTRATION

After failing to secure further backing from the Royal Bank ...

 
22
 
May
 

Spike in M&A activity in the education sector | BUSINESS SALE

In recent months, the education sector in the UK has witness...

 
22
 
May
 

Jamie Oliver restaurant empire collapses into administration | ADMINISTRATION

Celebrity chef Jamie Oliver, who shot to fame after campaign...

Free guide: 10 Biggest Buyer Mistakes

Sign up to receive our acquisition alert emails to get your FREE guide

Email


Related News

 
13
 
May
 

Historic West Yorkshire manufacturer enters administration | ADMINISTRATION

A construction industry supplier based in West Yorkshire has...

 
23
 
Apr
 

The Hut Group buys Christophe Robin haircare brand | BUSINESS SALE

British e-commerce firm The Hut Group (THG) has acquired Fre...

 
19
 
Jan
 

Luxury lodging group enters administration | ADMINISTRATION

An Essex-based company which operates eight luxury lodge par...

Want access to the latest businesses for sale?

Business Sale Report is your complete solution to finding great acquisition opportunities.

Join today to receive:

  • Comprehensive range of businesses for sale
  • Make direct contact with business sellers or their intermediaries
  • Access to all UK administrations, liquidations and winding-up petitions
  • Daily email alerts for the latest businesses for sale & distressed notifications
  • Business Sale Report publication posted to you every month
  • Advertise your acquisition requirements on our "business wanted" section

All this and much more, including the latest M&A news and exclusive resources