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Calvetron Style acquires Style Group Brands

RBR Staff Writer Published 06 June 2017

A subsidiary of Calvetron Style Holdings has acquired UK fashion house and womenswear concession retailer Style Group Brands in a pre-pack administration deal.

Calvetron Style is a new investment vehicle backed by Harold Tillman, former chairman of the British Fashion Council.

Style Group Brands operates 318 concessions based in the UK and Ireland, seven in Belgium, 51 in Canada.

The company also operates 14 concessions in the Middle East and has 22 standalone stores in the UK.

Will Wright and Rob Croxen of KPMG were joint administrators of Style Group Brands in the sales process.

Under the deal, Calvetron Style's subsidiary acquired all assets of the company. Trading is expected to continue in the concessions based in the UK, Ireland, Canada and the Middle East, and five standalone stores, securing about 1,719 jobs in those locations.

The deal does not include seven concessions in Belgium and 17 standalone stores in the UK, which will close immediately, resulting in 272 job losses.

KPMG partner Will Wright said: "Whilst a significant number of jobs have been preserved, sadly redundancies will be made.

"Over the coming days, our priority is to ensure all employees who have been affected by redundancy receive the information and guidance they need in order to claim their entitlement from the Redundancy Payments Office."

Apart from Jacques Vert, the womenswear concession retailer also owns Precis, Windsmoor, Eastex and Dash womenswear brands.

Last year, it was renamed from Jacques Vert Group to what is today’s Style Group Brands. In 2012, Jacques Vert was acquired by Sun Capital Partners which expanded it further by merging Irisa Group into it.

Image: Calvetron Style has taken over Style Group Brands. Photo: courtesy of stockimages/Freedigitalphotos.net.