Next has paid £8.5m for struggling residence furnishing retailer Cath Kidston in a transfer that can end in quite a lot of redundancies, directors have mentioned.
Sky News revealed on Monday how the FTSE 100 big was in superior talks so as to add to its latest acquisitions together with Made, the web furnishings retailer, and Joules, the style group.
Next mentioned it had purchased the model title, domains and mental property.
Administrators at PwC mentioned the acquisition would enable the corporate to “flower” beneath Next’s possession after Hilco began a sale course of involving quite a lot of bidders.
Joint administrator Zelf Hussain mentioned: “The firm has over latest years navigated by way of extremely difficult market situations together with the pandemic restrictions, and most lately the decline in client spending pushed by price of residing pressures and rising prices.
“In the short term its four stores (London, York, Ashford, Cheshire Oaks) will continue to remain open whilst operations are wound down.
“Sadly, there might be redundancies throughout this era of wind down and we are going to proceed to help the workers all through this era.”
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The firm employs 125 individuals.
Next confirmed that the cathkidston.com area could be licenced again to the directors for a interval of as much as 12 weeks to impact inventory clearance earlier than a relaunch.
It was established by its eponymous founder in 1993, and have become a excessive road fixture with scores of standalone retailers.
Like many retailers, nevertheless, its fortunes have been hit by the pandemic, forcing it into insolvency about three years in the past with the lack of 1,000 jobs.
It was purchased out of administration little greater than two years in the past by Baring Private Equity Asia earlier than Hilco acquired it simply over a yr later.