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
The wholesale business has an established trading history and has built up a strong reputation and a loyal customer base. Business is drawn from a wide demographic of clients with a good spread across different business sectors.
This is a unique opportunity to acquire a company specialising in luxury performance cycle clothing, utilising the finest specialist fabrics and cutting-edge construction techniques.
A leading internet-based provider of customisable and curated beauty box services. Over the last decade, the business has evolved from a premier subscription service to a leading internet-based provider of highly attractive and rapidly expanding beau...
WEB-BASED
11
|
Jul
|
Holiday letting agency acquires Cornish self-catering holiday specialist | BUSINESS SALE
Travel Chapter, a leading UK holiday letting agency, has ann...
11
|
Jul
|
Power services firm set to be acquired by US energy resilience group | BUSINESS SALE
The Wilmott Group Limited, a power services group with opera...
11
|
Jul
|
Dunfermline vehicle manufacturing services firm enters administration | ADMINISTRATION
A specialist manufacturing business based in Dunfermline has...
Business Sale Report is your complete solution to finding great acquisition opportunities.
Join today to receive:
All this and much more, including the latest M&A news and exclusive resources
We can help you capitalise on insolvent businesses. We list UK businesses in administration, liquidation and with winding up petitions daily. Ensuring our members never miss out on an opportunity
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.