Style Group Brands has been saved from the brink of administration by Calvetron Style Holdings Limited, confirming Wednesday‘s rumours.
According to the Mail on Sunday, the Jacques Vert, Dash and Windsmoor owner‘s acquisition was led by former Jaeger boss Harold Tillman, alongside businessmen Sandeep Vyas and Haseeb Aziz, who have acquired the “majority of the business and assests”.
Will Wright and Rob Croxen of KPMG were appointed as joint administrators on Friday, and have stated that the deal will see over 1000 UK employees keep their jobs, although 17 standalone stores across the UK will close immediately.
This means 272 jobs, including nearly 100 at its Shoreditch head office, will be lost.
“The deal sees them acquire all assets of the company and trading is anticipated to continue in the concessions based in the UK, Ireland, Canada and the Middle East, and five standalone stores, securing around 1719 jobs in those locations. Of these, 1272 are UK based employees,” Wright and Croxen said.
Wright added: “The deal rescues one of the UK‘s leading concession retailers and will see the continued trading of four high street brands, preserving a large number of jobs.
“It is a positive outcome given the challenging economic pressures faced by retailers across the UK.”
Tillman has big plans for the retail group, which trades from 318 concessions in the UK and Ireland.
“This company is in the right space. These are premium brands. I have been through the product ranges and I can see a lot of potential,” he said.
“Jacques Vert is sexy and glamorous. Dash is in the ‘athleisure‘ market, which is growing significantly, and I also think there is an opportunity to expand it into menswear.”