Administrators appointed to Gio-Goi
THE fashion brand Gio-Goi, which had its origins in Manchester’s dance music scene of the 1980s, has gone into administration.
The business was set up by brothers Christopher and Anthony Donnelly during the “Madchester” days but now has its registered office in Edinburgh and main base in London.
Administrators from KPMG were appointed earlier this week and around 24 staff have lost their jobs, most of them in the London office.
Last summer the business closed three shops in Manchester, Aberdeen, Glasgow, but has continued to sell its clothes through retailers such as JD Sports, Littlewoods, Republic Lifestyle and USC.
Joint administrator Jane Moriarty said: “Following a restructuring programme last year, Gio Goi was unable to return to growth levels enjoyed up until 2009 and has become another victim of the recessionary environment.”
KPMG is now looking to sell the business and assets. A report in the Guardian suggested Mike Ashley’s Sports Direct was in talks to buy the brand, but this has not been confirmed.
Administrators have been appointed to Gio Goi, Gio Goi Retail, and Gio Goi Brands. Christopher Donnelly still holds shares along with other investors, but the largest shareholder is the Pentland Group, a brand management company which has bases in Manchester, Blackburn and Great Harwood, Lancashire. Its other brands include Berghaus, Boxfresh, Red or Dead and Speedo.
