Henri Lloyd rescued but jobs will go
Sailing clothing brand Henri Lloyd has been brought out of administration by Swedish investor Aligro UK Limited, but the deal failed to save hundreds of jobs.
Aligro UK Limited, a subsidiary of Aligro Group Limited has acquired certain stock assets and five Henri Lloyds stores, securing the jobs of 38 store staff and six office employees. Stores in Salcombe, Dartmouth, Cowes, Cheshire Oaks and Lymington will continue trading as part of the agreement.
This means that all other Henri Lloyd concessions in House of Fraser stores, and the rest of its standalone sites will close, resulting in 128 job losses.
The announcement paints a mixed picture for the UK high street, after the Manchester-based business was forced to enter administration as a result of challenging trading conditions last week.
The brand traded from several UK retail outlets and 20 concessions within House of Fraser.
Joint administrator Chris Ratten, of RSM Restructuring Advisory LLP, said: “We are pleased to have secured the sale of certain stores and assets to Aligro UK Limited. This sale represents the best outcome for creditors, it maintains Henri-Lloyd’s presence in key locations and secures 44 jobs.
“Selling the whole business as a going concern was not a viable option and regrettably a number of staff have been made redundant as a result. We will be supporting them to make their claims to the Redundancy Payments Office.”
The sailing brand was founded in Manchester in 1963, and its clothing has been worn Olympic athletes and the Duke and Duchess of Cambridge. It is mostly known for developing the first ‘modern’ sea-faring jackets and its nautical polos.
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