Tue, 17 May 2011 | ADMINISTRATION
Menswear brand Peter Werth and its sister company Pink Soda, which sells women’s clothing, have both entered administration after its owner's investor withdrew support.
The investor, Electra Quoted Management, has pulled the plug on Brand Acquisitions, the owner company of the brands, due to a failure to turn the brands around in the allotted time frame.
Administrators Jason Baker and Geoff Rowley of FRP have been drafted in to manage the administration process. An undisclosed number of employees at the headquarters have been made redundant, leaving a total of 70 remaining staff across both businesses.
The administrators are working to find a new owner while trading the businesses. Several interested parties have already come forward, according to the administrators.
Mr Baker said, “Unfortunately, to reduce costs, we have had to make certain redundancies at the head office. However, it is our intention to trade the business as a going concern, with a view to finding a buyer and securing the jobs of the remaining employees.”
The luxurious Peter Werth brand is sold via 34 House of Fraser concessions, 1,440 wholesale accounts in Britain and one store in Liverpool. Pink Soda has 40 wholesale accounts.
Peter Werth reported losses of £877,836 for the year ending 31 January, 2010, a significant contrast to the £1 million pre-tax profit recorded for the previous year. Revenues also took a nosedive from £11.3 million in 2009 to £8.8 million in 2010.
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