Wed, 20 Oct 2010 | BUSINESS SALE
The company behind formal menswear retailer Suits You is considering a sale of the business.
Speciality Retail Group (SRG) is undertaking a strategic review of the retailer, which could mean a sale, closure or even administration. SRG’s shareholders are thought to be discussing the potential sale with two interested parties.
It is rumoured that a deal could come to fruition within the next week. If a sale does not go ahead, other options including a move into administration will be examined.
The troubled business was saved from administration by a company voluntary arrangement in February this year, carried out by KPMG. At the time, chairman Peter Lucas stated his intention that Suits You would make a profit in the year to January 2011.
Of the CVA, one unnamed source said: “The CVA was good from a point of view of clearing up the properties but it needed to see an improvement in trading too. SRG continues to struggle and Suits You has been a drain on the company.”
Further future possibilities for Suits You include a merger with another firm or a trade-out, whereby the firm would be wound up in September 2011 when the CVA is completed.
Established in 1995, Suits You has a chain of 70 stores across the UK. Specialising in formalwear for men, it sells upmarket brands including Gibson, Ted Baker, Ben Sherman and Pierre Cardin. Its own brands are Racing Green, Scott & Taylor and Tom English.
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