Tue, 24 Oct 2017 | BUSINESS SALE
A Yorkshire-based menswear chain has been bought out of administration by a new trading company, saving 181 jobs and 40 retail stores around the UK.
Greenwoods, a retailer of formal and casual menswear headquartered in Bradford, announced that it would enter administration in September on the back of a “challenging time for the UK retail sector”.
Adrian Berry and Clare Boardman, both from Deloitte, were appointed joint administrators at the time, overseeing Greenwoods’ workforce of more than 300. At the time, the menswear firm had an annual turnover of £20 million.
A new deal agreed with recently incorporated firm Versatile International Trading will allow 40 of Greenwoods stores, its central warehouse and head office to remain open, with 26 staff transferring to work at the new company.
Shops that will remain open include those in Barnsley, Bradford, Doncaster, Huddersfield and Wakefield.
The buy-out will result in 22 stores closing and 88 jobs being lost, though more than 200 store workers’ jobs are thought to have been preserved.
Two unstaffed Greenwoods concession stores were closed early on into administrative proceedings, along with a retail location in Rugby.
After being in administration for just over six weeks, Berry described the sale to Versatile as “the best outcome for the business”.
He added: “A significant proportion of the employees now have their jobs protected and we would like to thank all of them for their support during this difficult period.”
Greenwoods was founded as a hat shop by Sir Willie Greenwood almost 150 years ago in 1860, with its first branch opened in Bradford.
Search businesses in administration
Subscribe to the Business Sale Report
Specialises in providing fast, reliable and trustworthy private hire transport services using a modern and maintained fleet for the public, commercial and corporate sectors. Service offering is enhanced through an industry-leading smartphone applicat...
LEASEHOLD
The franchisor offers a white-collar management franchise focusing in the dynamic multi billion pound care and support market. The role of a franchisee is one of working “on” the business, as opposed to working “in” the business – managing people, st...
LEASEHOLD
Established business acquired as going concern in 2013 with excellent reputation for quality, service and reliability. An opportunity exists to purchase the business and assets of well-established security business. Long track record of profitability...
LEASEHOLD
|
22
|
|
Jan
|
Jewellery retailer enters administration | ADMINISTRATION
A Nottingham-based jewellery and watches company has fallen ...
|
19
|
|
Jan
|
Luxury lodging group enters administration | ADMINISTRATION
An Essex-based company which operates eight luxury lodge par...
|
17
|
|
Jan
|
Fine paper business enters administration | ADMINISTRATION
Arjowiggins UK, which operates a number of trading companies...
Sign up to receive our acquisition alert emails to get your FREE guide
|
22
|
|
Jan
|
Jewellery retailer enters administration | ADMINISTRATION
A Nottingham-based jewellery and watches company has fallen ...
|
19
|
|
Jan
|
Luxury lodging group enters administration | ADMINISTRATION
An Essex-based company which operates eight luxury lodge par...
|
17
|
|
Jan
|
Fine paper business enters administration | ADMINISTRATION
Arjowiggins UK, which operates a number of trading companies...
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