Buyer found for world’s oldest department store
Bennetts department store in Derby – the oldest independent store of its kind in the world – has found a new buyer after falling into administration.
Paul Hurst, owner of The Old Bell Hotel on Sadler Gate, has secured the fixed assets and goodwill of the store, and insists that an upcoming stock clearance sale planned by current administrators Bridgewood does not mean goodbye.
Bennetts, which was founded in 1734, found a buyer earlier this year in the shape of shoe brand London Sole, but promptly slipped back into administration in August after the deal fell through.
Hurst has now stepped in to rescue the stricken Irongate store.
A rejuvenated physical store is not a viable option in the short term due to the dilapidated condition of the existing Bennetts building, but Hurst’s marketing team already have plans underway to create a new retail website to keep the brand name alive.
In the meantime, he will be searching for a new Cathedral Quarter location or a solution to the extensive building work required on the current building.
Bennetts’ saviour is best known for restoring The Old Bell Hotel to its former glory. The Grade II listed building was constructed in 1650 and is considered to be one of the most prestigious coaching inns outside London.
He said: “I am incredibly passionate about Derby and particularly the Cathedral Quarter. The Old Bell Hotel was a labour of love but I was determined that this iconic building was not lost to the city.
“I feel just the same about the Bennetts brand and our team will use all the expertise developed throughout The Old Bell restoration and marketing to keep the name alive – not just locally but across the world.
“We have worked tirelessly to look at all the options including re-configuring the building in Iron Gate to keep Bennetts open in its original home.
“However, there is at least £300,000 of work that needs to be done immediately and I am sure that more major repairs are likely to be uncovered during work on such an old building.
“Rather than focusing all our efforts and funds on a crumbling building, we will create a brand new website for Bennetts which will bring the brand in line with the demands of today’s high street as well as appealing to a wider demographic.
“In the meantime, we will continue to look at the options for a physical store – remaining in the Cathedral Quarter – although this will not be a short term solution and could take some time to resolve.”
Joint administrator Paul Mallatratt added: “Following the concerning turn of events in August we are pleased to have found an alternative solution for Bennetts, and especially one led by a person evidently committed to Derby’s Cathedral Quarter.
“We will be working closely with Paul Hurst and his team in order to ensure the smooth transition of Bennetts to its new owners by the end of October.”
