- Jacques Vert, Precis Petite, Eastex and Dash owner sold
- Concession model to continue
- 17 standalone stores are not part of the deal and will shut
Jacques Vert-owner Style Group Brands, has been rescued by a new owner – a subsidiary of Calvetron Style Holdings Limited.
The deal involved fashion entrepreneur Harold Tillman, former owner of Jaeger, according to the Mail on Sunday.
Style’s joint administrators, KPMG’s Will Wright and Rob Croxen, who were appointed on Friday, said that Style has been sold to a subsidiary of Calvetron Style Holdings Limited.
They said: “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 1,719 jobs in those locations. Of these, 1,272 are UK based employees.”
Style runs 318 concessions in the UK and Ireland, and others in Belgium, Canada and the Middle East.
The administrators said they had “completed an agreement to sell the majority of the business and assets to a subsidiary of Calvetron Style Holdings Limited.
Seven concessions in Belgium and 17 standalone stores in the UK were not part of the deal and closed immediately with the loss of 272 job losses including 98 staff at the head office in Shoreditch and warehouses in County Durham.
KPMG partner and joint administrator Will Wright said: “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.”
The Mail on Sunday reported that tycoon Tillman, chairman of the British Fashion Council, saw Style’s brands such as Jacques Vert and Eastex, as a “significant opportunity”.
Tillman told the newspaper that he and the other investors, including Sandeep Vyas and Haseeb Aziz, plan to revitalise Style by building sales online and overseas.
The brands, which target older shoppers, were formerly owned by private equity group Sun European.
Tillman, told the newspaper: ”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.
“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.”