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Jacques Vert owner Calvetron goes into administration

Jacques Vert owner Calvetron goes into administration

The owner of the Jacques Vert fashion brand, Calvetron, has gone into administration, putting more than 1,400 jobs at risk.Duff & Phelps have been appointed administrators to Calvetron, which also owned the Dash and Eastex brands.The firm operated about 300 concessions in UK stores, including Debenhams and House of Fraser.Duff & Phelps said the company would continue to trade while it looked to see if the business could be sold. Calvetron employs a total of 1,408 people - 997 in the UK, 155 in Ireland and 256 in Canada.
Its predecessor Style Group Brands (SGB) went into administration in June 2017, and was sold to Calvetron. Peter Ridler, Calvetron's chief executive, said great effort were made to revive the business: "Everyone at Calvetron Brands has worked with energy and determination to achieve the turnaround that was needed. "However, a combination of four brands that needed time and investment, against a backdrop of extremely difficult trading conditions on the high street, rising costs and low customer confidence has meant that we haven't been able to achieve this within the timescales required."Philip Duffy, managing director at Duff & Phelps, echoed the view about difficult trading on the high street."Inflation and wage freezes have been major concerns for many fashion retailers and have been a driving force behind decreased spending," he said.However, he said that Calvetron had "also been carrying a number of legacy issues dating back to the acquisition" from Style Group.Mr Duffy said: "In the difficult retail environment we are facing today [Calvetron] simply could not restructure its cost base quickly enough or create the necessary economies of scale to succeed."
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