Calvetron Brands to close remaining concessions, risking over 800 jobs

6 July 2018 (Last Updated July 6th, 2018 16:13)

UK fashion retailer Calvetron Brands is planning to close the remaining Jacques Vert and Precis concessions affecting more than 800 jobs across its business.

UK fashion retailer Calvetron Brands is planning to close the remaining Jacques Vert and Precis concessions affecting more than 800 jobs across its business.

The company’s joint administrators, Benjamin Wiles, Trevor Birch and Philip Duffy from global valuation and corporate finance adviser Duff & Phelps are in the process winding up closures. These closures are mainly in the UK, Republic of Ireland and Canada.

The administrators will close 102 concessions announced in June, affecting 445 employees in the UK.

Additionally, 90 more jobs will be affected while closing the global head office and distribution centre, where a small number of staff members will be retained in the short term.

“We have explored a number of potential options; however, no viable offers for the business as a going concern have been received.”

In Canada, the company’s closure will affect 250 jobs. The company currently employs 1,408 people, including 997 in the UK, 155 in Ireland and 256 in Canada.

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 was established in 1972 by Jack Cynamon and Alan Green. Both created a range of fashion brands in 1977, including Jacques Vert.

The company expanded into a multi-branded fashion-retailing group in December 2002 by acquiring William Baird.

Benjamin Wiles added: “We have today served notice of the termination of the remaining concessions and retail staff have been advised. We are retaining a number of head office staff for between two to four months to assist with the trade-out.

“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.”