A ladies fashion chain with seven stores across the south west has been sold on entering administration.
Trowbridge-based Rowland’s Clothing – which targeted the over 50s market – was snapped up by Rosemex Trading in a deal which secured 72 jobs.
The clothes retailer was sold by joint administrators Joff Pope and Rob Croxen of KPMG.
According to its latest accessible accounts filed until November 2010 the company made a post-tax profit of £35,547 but owed its creditors some £988,078.
Administrator Pope said: “The sale of the business has enabled us to safeguard jobs and provide continuity of supply to the customer base of the company.”
The clothing chain ran stores in Bath, Bradford on Avon, Chichester, Farnham, Lymington, Marlborough and Salisbury.
Rosemex is a consortium boasting London-based New World Private Equity Partners.
Chairman Stewart Cantley added: “Over the last 25 years Rowland’s has built a solid multi channel retail business targeted at the over 50s female clothing and accessory market.
“With this foundation, a great management team and the market opportunity I am confident of our future growth and success.”
By Andy Pearce
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