Henri Lloyd, the fashion and clothing brand, went into administration last week, but was bought out of it just a few days later by Aligro UK Limited.
In recent years Henri Lloyd has fought against challenging trading conditions on the high street. Great endeavours to secure the company’s future have been underway, including efforts to reduce cost, refinance the business and divest assets.
Synonymous with the marine industry since 1963, Chris Ratten, RSM Restructuring Advisory partner and one of the joint administrators, said: “The decision to appoint administrators was made due to challenging trading conditions on the high street.”
However, in a statement from Aligro, the Swedish investor which came on board as lenders in March, stated that it: “already own the rights to the brand and trademarks, now also have closed a transaction with Henri Lloyd’s administrator to obtain five stores, certain stock and other assets as a stepping stone to reviving the classic British fashion label.”
Hans Eckerström, founder and manager of the Aligro Group, added: “I am a passionate sailor and Henri Lloyd is a brand that always have had a special place in my heart. Now that we get the opportunity, I am committed to carry the heritage of the brand further and upgrade it to reach its full potential.”
Aligro UK Limited said it would continue to trade the Henri Lloyd stores in Salcombe, Dartmouth, Cowes, Cheshire Oaks and Lymington. However 128 staff will lose their jobs when four stores at Falmouth, Truro, Street and Swindon will close down, as well as 20 House of Fraser concessions and its Manchester headquarters.
Chris Ratten said: “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 brand was originally founded in 1963 by Polish solider Henri Strzelcki, who moved to Manchester to study textiles, together with his partner Angus Lloyd.