Wed, 30 Mar 2011 | ADMINISTRATION
Beleaguered clothing retailer, Officers Club, has filed for administration for the second time in a little over two years - and has already seen some 46 of its 102 stores snapped up.
The company appointed Grant Thornton as its administrator on Tuesday, after experiencing insurmountable difficulty in trying to pay a rent bill due at the end of March, and facing a significant VAT demand next month.
Up-and-coming clothing retailer, Blue Inc, has swiftly stepped in, however, to rescue 46 of the stores in a deal said to be worth around £5 million. The company has already expressed its intentions to rebrand the stores - which raise its national portfolio to 144 outlets - and renegotiate leases.
Blue Inc's managing director, Steven Cohen, said that the purchase would help in their drive to steadily expand their brand, which reported a turnover of £55 million in 2010 and earnings of £3.3 million.
"We bought this business nearly five years ago, and in that time have taken it from 28 to 144 stores," he explained. "We anticipate that during the next 18 months, there will be an opportunity to crystallise significant value for shareholders through a UK listing, but for now, we remain focused on exploiting expansion opportunities out there."
Officers Club, which is based in Northumberland, filed for administration in December 2008, only to see its founder, David Charlton, buy back 118 of its 150 stores on the same day in a controversial pre-pack deal.
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