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Jacques vert owner Calvetron falls into administration

RBR Staff Writer Published 07 May 2018

Calvetron, the owner of the Jacques Vert fashion brand, has fallen into administration, placing over 1,400 jobs at risk.

The fashion retailer was founded in 1972 by Jack Cynamon and Alan Green in London. It has 300 stores across the UK, Ireland and Canada.

Restructuring firm Duff & Phelps will sell the company’s stock while looking for a buyer to sell the business. Last year, Calvetron bought Jacques Vert and other brands out of administration.

Presently, the administrators are continuing to trade the company while they are looking for options to sell the business. The company sells products from its brands in department stores such as Debenhams, House of Fraser and M&Co.

Last year the company was bought by a group of retail investors, which included businessmen Sandeep Vyas and Haseeb Aziz.

The administrators stated that the company’s recovery has been delayed by legacy issues such as high costs relative to its turnover and it was not possible to restructure its cost base quickly enough to create the necessary economies of scale to succeed.

Calvetron Brands CEO Peter Ridler said: “Everyone at Calvetron Brands has worked with energy and determination to achieve the turnaround that was needed.

“However, a combination of four brands that needed time and investment, against a backdrop of extremely difficult trading conditions on the high street, rising costs and low customer confidence has meant that we haven’t been able to achieve this within the timescales required.

Ridler added: “Inflation and wage freezes have been major concerns for many fashion retailers and have been a driving force behind decreased spending.”

“In the difficult retail environment we are facing today Calvetron simply could not restructure its cost base quickly enough or create the necessary economies of scale to succeed."