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Exclusive: Euler Hermes pulls insurance cover for The Original Factory Shop

Credit insurer Euler Hermes has withdrawn its insurance cover for suppliers of The Original Factory Shop, Drapers understands.

The news follows plans to close a raft of stores and negotiate cheaper rents, as part of a rescue deal. The retailer is understood to be looking to reduce its 220-store estate, and will receive an extra £10m from private equity owner Duke Street Capital.

The Original Factory Shop, based in Burnley, reported a slight rise in turnover from £185m to £190m last year. However, profits fell by £3.1m as a result of stock impairment.

Euler Hermes, one of the largest credit insurers in the UK, withdrew its cover for embattled retailer New Look in January, amid concerns about the retailer’s performance. New Look subsequently entered into a company voluntary arrangement, which was approved on 21 March and involved up to 60 store closures and 980 redundancies. 

Drapers has ed The Original Factory Shop for comment. 

 

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