Calvetron Brands to shut 102 Jacques Vert and Precis concessions

Benjamin Wiles, Trevor Birch and Philip Duffy of Duff & Phelps, joint administrators to Calvetron Brands, have announced they are serving notice on 102 Jacques Vert and Precis concessions in the UK and Republic of Ireland.

These closures and those announced previously, including Dash and Eastex closures made on 4 June, will result in a total of 449 redundancies and form part of the wider restructuring plan for the business.

Calvetron Brands announced that it had gone into administration in May.

Benjamin Wiles, joint administrator, 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 as a result of the business review we have had to take this difficult decision affecting a further 102 concessions here in the UK and Ireland.”

He added: “These closures will result in a number of redundancies as part of the restructuring plan for the business, which is designed to ensure the viability of the business in the long-term whilst the options are explored further.”

Following these closures, Calvetron Brands will have an ongoing concession portfolio of 91 in the UK and Republic of Ireland including 54 with Debenhams, four with House of Fraser, 13 with independent partners, eight outlets and 12 with Alshaya partners in the Middle East, in addition to online channels.

Benjamin Wiles, Duff & Phelps, added: “The continued downtown in the retail market, caused by changing consumer habits, increased business rates and inflation causing a tightening of purse strings has unsettled the retail sector.”