Crowdfunding plan to save stricken department store

A fashion company has revealed a plan to save historic Derby and Ashbourne department store Bennetts.

Young Ideas, which has stores in Derby, Ashbourne and Lichfield, says it wants to invest in the stricken company and has set up a crowdfunding page to enable others to pledge cash.

A statement from Young Ideas said: “After detailed investigation into the trading performance and cost base and using Young Ideas retail experience and unique insight into the Derby store, we believe a turnaround plan for all or part of the struggling operation may be possible. Young Ideas is prepared to invest in the plan and with the support of local advisors, we would be willing to provide the management and leadership to execute a rescue strategy.”

Young Ideas says it will take an initial investment of £500,000 to save Bennetts, and that it wants to create a ‘mini John Lewis’. If the plan comes off, it will retain staff and create jobs, it says.

The statement added: “We have been trading successfully out of our store in Bennetts Derby since 2011.

“From this experience we have a unique insight into trading in the Cathedral Quarter area of Derby and an insight into the day-to-day operations, people and management of the existing Bennetts business. It is clear that significant investment is required to refurbish parts of the store and acquire the stock required to improve the customer offer and make the whole business relevant again to its local market.

“Sadly, the previous management who worked hard to maintain the company were just unable to find the financial resources to make this happen. We are excited at the prospect of creating a new revitalised Bennetts and believe a new inspiring and relevant retail offer could be transformational for Derby and the Cathedral Quarter.

“We hope that the key influential people of Derbyshire who have all expressed an interest in helping Bennetts to survive can rally around our successful management team to try and save this historic Derby landmark.

“We would appeal to any of the funding pots from within the Derbyshire area who could contribute to this plan and perhaps the council can assist with this initiative.

“Marketing Derby have also been spoken to and they have stated that they are prepared to support any of the potential bids.”

“Other interested parties that have approached the administrator might also see this campaign as a way of achieving a successful joint venture or partnership to rescue the business and we are happy to immediately open up those conversations.”

Martin Langsdale, board chair of the Cathedral Quarter, which drives forward activities under the area’s Business Improvement District (BID) status, said: “The Cathedral Quarter as a whole represents all that is wonderful about Derby’s sense of community and belonging.

“Bennetts is obviously an iconic part of this area so I think that people will embrace the opportunity to be part of the crowdfunding plans.”

The crowdfunding page can be found at https://www.gofundme.com/save-bennetts

Meanwhile, the joint administrators of Bennetts has reported “significant” levels of interest from potential buyers of the business.

Paul Mallatratt, managing director of Bridgewood, said: “We are very encouraged by the wide ranging interest being shown in this iconic brand and are working closely with all interested parties. We note the
crowdfunding initiative which has been launched by one such party, which also presents an opportunity for individuals from the local community and further afield to become directly involved in helping to save Bennetts.”

The joint administrators say they expect discussions with potential buyers to continue over the next few
weeks and any formal announcements will be made once a sale is legally completed.