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7y, 11m agoPosted 7 years, 11 months ago
Clothing retailer Austin Reed has agreed to rescue collapsed womenswear chain Viyella out of administration. The move is expected to safeguard approximately 230 jobs.
The firm went into administration in early January, when it had approximately 450 employees and over 100 outlets. Approximately 21 stand-alone stores and 16 concessions are expected to remain open thanks to the buyout.

Mods please move if in wrong section
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7y, 11m agoPosted 7 years, 11 months ago

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Baugur’s UK arm in administration
BG Holding, Baugur’s UK branch, has been put into administration following a ruling by the High Court in London. The move was initiated by creditor Landsbanki in order to attempt to recover some of the £1.3 billion which Baugur owes to various sources.
Gunnar Sigurdsson, the chief executive of Baugur, said: "We are very disappointed with Landsbanki's decision as we believe that we had sound restructuring proposals to maximise the recovery and value for all stakeholders of the group.
"In the interests of the portfolio companies, we have decided to not oppose the administration of BG Holding and will work with Landsbanki´s resolution committee and provide all possible support to the businesses. The portfolio contains strong brands and excellent management teams, which are well-positioned to build on their strengths over the coming years”.
Baugur’s stakes in various UK retailers now look set to attract investors such as Sir Philip Green and Theo Paphitis as well as private equity groups including Bridgepoint, Alchemy, Sun Capital Partners and Permira which are rumoured to be cirlcing the group already.

Zavvi management make bid for business
The management of collapsed entertainment retailer Zavvi has made a bid for the business. Chief executive Simon Douglas, commercial director Mark Noonan and an external third party are believed to have made an offer to acquire parts of the remaining company.
In other news, a further 17 Zavvi stores will be closed with the loss of 242 jobs. Administrators Ernst & Young said that the firm will continue to trade from its remaining 31 outlets. To date, 1,068 Zavvi jobs have been lost in the UK and 72 stores closed.

Celebrity chef closes restaurants
Antony Worrall Thompson has closed four of his restaurants due to the credit crunch, leaving 60 employees redundant. The celebrity chef visited each restaurant on Friday with the news that, due to falling sales and problems in securing additional funding, AWT Restaurants Ltd had been put into administration. The restaurants that have closed are the Notting Grill in West London, The Lamb Inn in Henley-on-Thames, The Greyhound in Henley and the Barnes Grill in South-West London.
Mr Worrall Thompson said that he had used £250,000 of his own savings to save his other two restaurants, the Windsor Grill in Berkshire, and the Kew Grill in south-west London along with a delicatessen shop.
In a statement released on Sunday, Mr Worrall Thompson said: "The decision to go into administration has not been taken lightly”.
"The company started in 1997 with Notting Grill launching in 2001 and since then we have all worked hard to build a loyal team of employees, grow the business and create solid relationships with our suppliers”.

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