Henri Lloyd saved from administration, but will cut jobs
12/06/2018
The company appointed administrators on June 8, citing “challenging conditions on the high street” for its plight. It had sought to stave off this measure by reducing costs, refinancing the business and divesting assets, but these efforts were in vain.
On June 11, its administrators confirmed the sale of five stores and certain stocks asset to Aligro UK Limited, whose parent company had recently become one of Henri Lloyd’s lenders and already held rights to the brand and trademark.
Following its rescue, Henri Lloyd will continue trading out of its five UK stores, securing 38 store roles and six head office jobs. However, 128 positions will be lost, including those at its headquarters in Manchester.
"This sale represents the best outcome for creditors, it maintains Henri Lloyd’s presence in key locations and secures 44 jobs," said Chris Ratten, one of the administrators, in a statement. "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.”
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