The Hut Group, one of the UK’s top multi-website online retailers, has acquired the assets of the York-based Coggles Limited from joint administrators Andy Clay and David Acland of Begbies Traynor.
Launched as Sarah Coggles in 1974, the company expanded on the success of its outlets in York by developing its online business and supplying over 200 men’s and women’s collections from up-and-coming designers, established fashion houses and exclusive international labels.
However, the company was placed in administration on May 7th when attempts at restructuring and gaining new investments failed. After marketing the business and receiving significant interest, a purchase was completed on June 13th to the Hut Group, including stock and all intellectual property, such as the company’s domain names.
“Our primary duty is to bring about the optimum return for creditors and the offer from the Hut Group was an extremely good deal,” explained Andy Clay of Begbies Traynor in York. “Unfortunately, most of the interest we received was from potential purchasers wanting to acquire the online side of Coggles’ business which represented the bulk of turnover, rather than for its retail outlets. This means that the stores in York have closed and the remaining staff have been made redundant. Whilst it is sad to see Coggles disappearing from the high street for the time being, and the loss of employment for the remaining staff, it is positive that the business will continue as part of a large and successful specialist online retail group.”