Administrators complete Azendi sale

THE administrators of Azendi have confirmed the sale of part of the business to a new company led by its founder.

A to Z Investment Ltd, formed by Ian Jones, has bought the company’s head office as well as the Leeds and Harrogate stores and the One New Change shopping centre outlet in London.

Mr Jones will also continue to run the Headingley store which was not part of the administration.

Joint adminstrator Adrian Berry, partner in Deloitte’s restructuring team, said the sale had saved 19 jobs.

He added: “Regrettably, it has not been possible to find a buyer for all of the Azendi business and therefore it was necessary to make a total of 81 employees redundant across the business. 

“Employees made redundant were paid wages until their last day of employment.”

The administrators have had to close 16 stores across the UK including shops in York and the Meadowhall shopping centre.

Andrew Walker, restructuring partner at the Leeds office of Irwin Mitchell, who advised the administrators on the sale, said: “This is of course positive news for some of Azendi’s stores and particularly the employees who have continued to work under difficult and uncertain conditions in recent weeks.

“It has always been the intention to trade some of the stores and I am confident that under this new structure, A to Z will be able to take the Azendi brand forward and develop its potential.”