Henri-Lloyd was appointed administrators on 08/06/2018, giving the reason to be as a result of the High Street’s challenging trading conditions. The company was established in 1963 in Manchester, and is a well known brand and retailer specialising in clothing within the sailing and lifestyle market.
Despite the sale of five stores which secures more than 40 jobs, 128 other staff in other areas have been made redundant from the Manchester headquarters, House of Frasier concessions and the four closed stores in Falmouth, Truro, Street and Swin.
The House of Fraser chain themselves are struggling also, revealing plans to close 31 of their 59 stores in the UK and Ireland, including the branch in Altrincham also known as Rackhams to locals. The proposed changes are due to a Company Voluntary Arrangement (CVA) which is a process to restructure the business. Up to 2,000 jobs are at risk due to the restructuring plan, which is being drawn up with the help of accountancy firm KPMG.
Also known as Kendals to locals, the House of Fraser store in Manchester city centre has survived the cull and is not included in the full closure list published by the retailer’s owners, however, London’s flagship branch on Oxford Street hasn’t been so lucky.
Whilst pushing through the plan to restructure, the retailer’s board is securing new investment from the owner of Hamleys, C.banner, a Chinese fashion conglomerate. C.banner has been lined up to buy a 51% stake in House of Fraser from the current Chinese owner, Sanpower, investing £70 million into what remains of the business.