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
Indicative offers are required by close of business Monday 20th July. Long established business, founded in 1996. Good core, repeat business customers. Bonded warehouse. Established brand name.
Designs, supplies and installs fibre optic and IT cabling solutions for clients throughout the UK and Europe. Offers electrical, structured cabling and network/Wi-Fi solutions, AV equipment and LAN/ethernet, in addition to project management, consult...
LEASEHOLD
Imports an extensive selection of toys and gifts, which are sold to trade customers throughout the UK and internationally. Has established a strong reputation within its sector for its innovative product range, competitive prices and exceptional serv...
FREEHOLD
|
14
|
|
Jul
|
Huddersfield retail park acquired out of administration | COMMERCIAL PROPERTY
Huddersfield’s Gallagher Retail Park has been acquired...
|
14
|
|
Jul
|
Directors of distressed companies get more breathing space | BUSINESS NEWS
The temporary suspension of wrongful trading provisions intr...
|
13
|
|
Jul
|
Yorkshire retailer Peter Jones enters administration | ADMINISTRATION
Well-known Wakefield-based retailer Peter Jones has entered ...
Sign up to receive our acquisition alert emails to get your FREE guide
|
14
|
|
Jul
|
Directors of distressed companies get more breathing space | BUSINESS NEWS
The temporary suspension of wrongful trading provisions intr...
|
14
|
|
Jul
|
Huddersfield retail park acquired out of administration | COMMERCIAL PROPERTY
Huddersfield’s Gallagher Retail Park has been acquired...
|
13
|
|
Jul
|
Yorkshire retailer Peter Jones enters administration | ADMINISTRATION
Well-known Wakefield-based retailer Peter Jones has entered ...
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