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Jacques Vert owner closes all concessions

Collapsed Calvetron Brands, the womenswear group behind Jacques Vert, will now close its remaining concessions leading to the loss of around 1,000 UK jobs.

Administrators Duffy & Phelps announced that the company will wind-down after it failed to find a buyer.

Calvetron operated about 300 UK concessions in stores such as Debenhams, House of Fraser and M&Co, with brands including Precis, Dash and Eastex as well as Jacques Vert.
The company had employed a total of 1,408 people – 997 in the UK, 155 in Ireland and 256 in Canada.
Administrators Duffy & Phelps said an additional 500 redundancies were about to be made.
It said 90 jobs will also be cut at Calvetron’s global head office and distribution centre where a small number of staff will remain for between two and four months to assist with the stock trade-out.
In June, administrators said 102 concessions had been earmarked for closure, affecting 445 employees.

Image: Calvetron Brands operated about 300 UK concessions in stores such as House of Fraser
A further 250 jobs will go in Canada.
Sky News reported Calvetron Brands’ descent into administration in May, as it joined a long line of high street casualties, which the company blamed on “extremely difficult” retail conditions.

Duff & Phelps joint administrator Benjamin Wiles said: “Following our appointment on 4 May 2018, the joint administrators have continued to trade the business, allowing a period of time for us to market the business and assets for sale as a going concern.
“We have explored a number of potential options, however no viable offers for the business as a going concern have been received.
“As such we are now having to close the remaining concessions here in the UK and Ireland as well as Canada and move to trade-out the stock.”
“Calvetron Brands has faced the perfect storm of extremely difficult trading conditions on the high street, rising costs and low customer confidence all of which hindered our ability to secure a buyer,” he added.
:: Jacques Vert owner enters administration
The company was started in 1972 by Jack Cynamon and Alan Green, two tailors from the East End of London, creating the Jacques Vert brand five years later.

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The company grew into a multi-branded group in December 2002 with the acquisition of William Baird Plc.Jacques Vert merged with the Irisa group to become the Jacques Vert Group Ltd in 2012 and in June 2016 the company changed its name to Style Group Brands Limited (“SGBL”).
In June 2017 SGBL went into administration and was sold on to Calvetron Brands.

Source: Sky

About Business Ideas UK

My name is Joel Bissitt. I have been an entrepreneur for 24 years and have run many small businesses across various sectors. For the last 10 years I have worked mainly within online media, franchising and small business start-ups.

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