// French Connection hires brokerage firm WH Ireland as financial adviser
// The appointment comes after French Connection’s loss of £2.9m in the year to January 31
French Connection has appointed wealth management and brokerage firm WH Ireland as its financial adviser and sole broker with immediate effect.
The fashion retailer had said back in January that it had not found a buyer after putting the business up for sale, and was terminating the process to refocus on its turnaround to include the “right sizing” of its store portfolio.
The appointment comes after French Connection posted a loss of £2.9 million for the year to January 31 compared to a profit of £800,000 in 2019, as a result of planned store closures and a “difficult retail trading environment”.
READ MORE:
- Coronavirus: When will retail return to normal?
- French Connection plunges into the red as coronavirus fears escalate
Group revenue dropped by 11.4 per cent to £119.9 million for the year.
During the period, French Connection closed 11 “non-contributing” stores and three outlet locations.
It also closed its China and Hong Kong joint venture for the loss of £500,000.
In October 2018, French Connection announced it was considering selling the company, but earlier this year, the retailer said it was no longer searching for a buyer – effectively taking it off the market.
However, in January that it will put its efforts into its turnaround strategy, which is centred on sizing, its wholesale customers, investment in its online platform and a range of other cost saving measures.
Click here to sign up to Retail Gazette‘s free daily email newsletter
