181 jobs saved as Greenwoods is acquired from administration
Bradford-based Greenwoods Menswear has been sold to Versatile International Trading, saving the firm from administration.
The sale will see 40 retail stores, the central warehouse and head office functions transferring to the buyer and will protect the jobs of 181 employees. The remaining 22 stores will close immediately, resulting in 88 redundancies. This follows the prior closure of two unstaffed concessions and one store (Rugby) at an earlier stage of the administration.
Adrian Berry and Clare Boardman of Deloitte LLP were appointed joint administrators over the company on the 6 September.
Berry said: : “This sale represents the best outcome for the business, which has been trading in administration for over six weeks. A significant proportion of the employees now have their jobs protected and we would like to thank all of them for their support during this difficult period.”
Greenwoods is a retailer of formal and casual menswear, including shoes and accessories, with a turnover of around £20m. It also offered a formal suit hire service, under the Company’s “1860” brand.
Greenwoods operated from 63 stores and 2 concessions throughout the UK, with its head office and warehouse located in Bradford. At the time of the appointment there were 318 employees, of which 292 worked in stores, 15 at the head office and 11 in the warehouse.
