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The administrators of Calvetron Brands, parent company of Jacques Vert and Precis, has served notice on the remaining concessions in the UK, Republic of Ireland and Canada.
Benjamin Wiles, Trevor Birch and Philip Duffy of Duff & Phelps, were appointed joint administrators in May and the company made the decision to close 102 of its concession stands, affecting 445 employees, while it looked for a buyer for the remaining outlets.
The announcement means a further circa 500 retail redundancies effective upon the closure of the individual concessions. An additional 90 jobs will be affected in the global head office and distribution centre where a small number of staff will be retained in the short term. A further circa 250 are affected in Canada.
Calvetron Brands had employed a total of 1,408 people – 997 in the UK, 155 in Ireland and 256 in Canada.
Benjamin Wiles, joint administrator, said: “Following our appointment on 4 May 2018, the joint administrators have continued to trade the business, allowing a period of time for us to market the business and assets for sale as a going concern.
“We have explored a number of potential options, however no viable offers for the business as a going concern have been received. As such we are now having to close the remaining concessions here in the UK and Ireland as well as Canada and move to trade-out the stock.”
Benjamin Wiles, Duff & Phelps, added: “We have today served notice of the termination of the remaining concessions and retail staff have been advised. We are retaining a number of head office staff for between two to four months to assist with the trade-out.
“Calvetron Brands has faced the perfect storm of extremely difficult trading conditions on the high street, rising costs and low customer confidence all of which hindered our ability to secure a buyer.”
