The Hut bolts on fashion brand Coggles
ONLINE retailer The Hut Group has snapped up the assets of premium fashion brand Coggles out of administration.
The fast-growing Northwich-based group has bought the assets, stock and all intellectual property such as the brand and the domain names of the York-based company.
Founded in 1974 as ‘Sarah Coggles’, the company built on the success of its outlets on Low Petergate in York by developing an online retail business supplying over 200 men’s and women’s designer collections from established fashion houses, emerging designers and rare international labels.
Despite attempts by the directors to restructure and to attract new investment, the company was placed in administration in May with Begbies Traynor handling the case.
Joint administrator Andy Clay said: “Our primary duty is to bring about the optimum return for creditors and the offer from the Hut Group was an extremely good deal.
“Unfortunately, most of the interest we received was from potential purchasers wanting to acquire the online side of Coggles’ business which represented the bulk of turnover, rather than for its retail outlets. This means that the stores in York have closed and the remaining staff have been made redundant.
“Whilst it is sad to see Coggles disappearing from the high street for the time being, and the loss of employment for the remaining staff, it is positive that the business will continue as part of a large and successful specialist online retail group.”
