Administration for menswear retailer

MENSWEAR retailer Austin Reed has gone into administration.

Over the weekend, it was announced that the struggling fashion retailer had filed a notice of intention to call administrators in , and now potential buyers are circling for the business and its assets

Peter Saville, Kevin Coates and Catherine Williamson, of business advisory firm AlixPartners were appointed joint administrators over Austin Reed.

This included Country Casuals and Darius Capital, as well as the property arm of the group.

The administrators said that insolvency proceedings have begun following cash flow difficulties experienced by the firm.

Austin Reed will continue to trade the group “while exploring all possible options for its future including a sale of all or parts of the business” said the administrators.

Founded in 1900 the fashion retailer, headquartered in London, has 100 standalone stores and 50 concessions throughout the UK and Ireland. The Group employs a total of 1184 staff across its network.

It has a major support services hub in Thirsk in North Yorkshire.

Peter Saville of AlixPartners said: “Our priority now is to work with all stakeholders and determine the optimum route forward for the business as we continue to serve customers throughout the UK and Ireland.

“Austin Reed is a well-regarded and iconic brand and therefore we are confident that it is an attractive proposition for a range of potential buyers, as such we expect, and welcome, contact from interested third parties.”

According to Retail Week there have been 20 expressions of interest from trade buyers to private equity firms.

The business is now part owned by secondary lender Alteri and primary lender Wells Fargo Capital.

The business is now part-owned by secondary lender Alteri and primary lender Wells Fargo Capital.