Wed, 12 Aug 2020 | BUSINESS NEWS
Retailer and wholesaler Baird Group, the license holder for brands including Suit Direct, Ben Sherman and Jeff Banks, has received creditor approval to proceed with a company voluntary arrangement (CVA). Around 94 per cent of the company’s creditors voted to approve the CVA.
The CVA, originally proposed on July 23 2020, will see 18 stores, one warehouse and one office close, with 264 job losses. 29 further stores will undergo a reduction in and phased rebuild of their base rent. Redundancies will mainly impact the group’s Debenhams men’s tailoring concessions, however, Baird says it is not exiting Debenhams.
Baird Group has been working with KPMG’s restructuring division to review its options in response to the COVID-19 pandemic. Baird CEO Mark Cotter had previously stated that the review was prompted by the challenges of the pandemic and the administration of Debenhams.
The company will undertake a new three-year plan, refocusing on its core retail outlets of Suit Direct and Ben Sherman, while continuing to grow its wholesale business and expand its online offering.
Cotter: “It is with deep regret that we will have to lose a number of our much-valued colleagues as we restructure our business. However, the board firmly believes that the CVA and the wider recovery plan will create a solid platform for a successful and sustainable business for many years to come for all our employees and stakeholders.”
“The support of the CVA from our creditors is a critical step in our wider turnaround plan, enabling us to lay the foundations for a successful future with a renewed focus on our core online channels and outlet stores.”
In its most recent available accounts, for the year ended February 2 2019, the company reported a loss for the year of £48,000. Its fixed assets were valued at £21 million, current assets at £6.3 million, with net assets of £16.9 million.
Find businesses for sale here.
If you are looking for an exit, we can help!
Famous destination furniture & flooring retailer, renowned for beds, sofas and chairs from quality British manufacturers. Occupying highly visible high street trading position within the popular East Devon town of Honiton, being easily accessible, be...
LEASEHOLD
Established well known home, hardware, DIY & garden store plus school uniform supplier. Occupying prime Ivybridge town centre trading position, fronting the main shopping thoroughfare, benefiting from restricted stay car parking immediately in front,...
LEASEHOLD
Major landmark store, 100+ years established, occupying valuable trading position within this mid Devon town, centrally positioned on Crediton high street, opposite Costa Coffee, close Tesco Express, with free restricted stay car parking immediately...
FREEHOLD
26
|
Apr
|
Major double glazing firm Everest enters administration | ADMINISTRATION
Everest, one of the largest providers of double-glazing in t...
26
|
Apr
|
Kent-based scientific consultancy sold to US firm | BUSINESS SALE
A4P Consulting Limited, a scientific consultancy company hea...
25
|
Apr
|
Ambulance services provider acquired in pre-pack deal | BUSINESS SALE
Elite Emergency Medical Services Ltd (Elite EMS), an ambulan...
10
|
Mar
|
£32m turnover Angus Steakhouse appeals to landlords with administration looming | ADMINISTRATION
London’s popular Angus Steakhouse chain has appealed t...
21
|
Jan
|
ProCook considering sale as it undertakes strategic review | BUSINESS NEWS
Kitchenware retailer ProCook is to undertake a strategic rev...
09
|
Dec
|
Administrators seek buyer for garden machinery firm | ADMINISTRATION
Shropshire-based garden machinery company Oakley’s has...
Business Sale Report is your complete solution to finding great acquisition opportunities.
Join today to receive:
All this and much more, including the latest M&A news and exclusive resources
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.