Sailing clothing brand Henri Lloyd has been bought in a pre-pack administration by Aligro UK, resulting in 128 job losses.
Chris Ratten and Jeremy Woodside of RSM Restructuring Advisory were appointed joint administrators of Henri Lloyd on 8 June.
On 11 June they confirmed the sale of five stores and certain stock assets to Aligro UK, which was incorporated on 4 June. Aligro UK is a subsidiary of Aligro Group, which was incorporated on 24 April.
Aligro UK said it will continue to trade the Henri Lloyd stores in Salcombe, Dartmouth, Cowes, Cheshire Oaks and Lymington, securing the jobs of 38 store staff and six head office employees.
Henri Lloyd said it was forced to enter administration as a result of challenging trading conditions on the high street. Established in Manchester in 1963, Henri Lloyd posted turnover of £17.7m for the year to 1 April 2017, with a gross profit of £6.12m and an operating profit of £247,688.
Ratten said: “This sale represents the best outcome for creditors, it maintains Henri-Lloyd’s presence in key locations and secures 44 jobs. Selling the whole business as a going concern was not a viable option and regrettably a number of staff have been made redundant as a result. We will be supporting them to make their claims to the Redundancy Payments Office.”