Online retailer The Hut Group has acquired the online assets of premium fashion independent Coggles, which collapsed into administration in May, for an undisclosed sum.
The mini-chain’s remaining two stores, both in York, have been closed and around 30 staff have been made redundant.
Andy Clay, one of the co-adminstrators at Begbies Traynor, said: “Our primary duty is to bring about the optimum return for creditors and the offer from The Hut was an extremely good deal. Unfortunately, most of the interest we received was from potential purchasers wanting to acquire the online side of Coggles’ business which represented the bulk of turnover, rather than for its retail outlets.
“Whilst it is sad to see Coggles disappearing from the high street for the time being, and the loss of employment for the remaining staff, it is positive that the business will continue as part of a large and successful specialist online retail group.”
The Hut has acquired stock and all intellectual property relating to Coggles, such as the brand and the company’s domain names. A buyer is being sought for the freehold of the retail unit on Low Petergate, the chain’s original shop.
The 39-year old business, which stocks established designer collections from fashion houses and emerging designers, went into administration on May 7 despite attempts by its directors to restructure and attract new investment.
The Hut, which launched in 2004, owns an number of online-only business including Myprotein and zavvi.com.