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Hut Group rescues Coggles 19 June 2013

Premium fashion retailer Coggles has been bought out of administration by online retailer The Hut Group.

York-based Coggles entered administration in May following failed attempts to restructure the business by company directors.

Andy Clay and David Acland of Begbies Traynor were appointed joint administrators on 7 May 2013.

Clay said: “Our primary duty is to bring about the optimum return for creditors and the offer from the Hut Group 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.

“This means that the stores in York have closed and the remaining staff have been made redundant.”

The company employed 60 members of staff, all of whom have been made redundant, as new owner The Hut Group will take Coggles online, as part of its prestige division. All Coggles stores have also close as a result.

Clay said: “While 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.”

Coggles, established in 1974, flourished with online sales of men’s and women’s designer collections from established fashion houses, emerging designers and international labels.

However, attempts to restructure the business and attract new investors during the economic downturn fell through, leading to the company entering administration.

 

 

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