The 300-stong value fashion chain Ethel Austin has been placed in administration, joining the growing list of retail failures as consumer confidence takes a dive. Philip Duffy and David Whitehouse, partners from Menzies Corporate Restructuring, have been appointed joint administrators.
Founded in 1934 by Ethel Austin in the front room of her terraced house in Liverpool, the company remained in the hands of the founding family until June 2002, when Lloyds TSB Development Capital backed a £55m MBO. Less than two years later, ABN-AMRO Capital bought the business for £122.5m.
Philip Duffy said: “At this stage, it’s too early to be certain about the exact reasons for the financial difficulties. Our primary concern is to ensure that the business continues to trade in the coming weeks and that a suitable buyer is found. Despite the current challenges faced by the retail sector we remain confident that a buyer can be found. Ethel Austin has a good brand and good customer base and this, together with its national coverage, should make it an attractive opportunity for a retailer.”
Have headline rents in shoping centres started to fall?
- Spalding outlet springs into life
- Orchard Street signs five at Gretna Gateway
- Tiffany and Mulberry sign at Westfield London
- Quakers Friars restaurant line up complete
- Bouverie Place goes on site in Folkestone
- ING Britannica signs three in Oldham
- Capital growth
- Thurrock Decathlon in make or break for sport...
- Tesco and Next anchor Imperial Park extension
- Hercules sells Colne Valley Retail Park, Watford
