The Hut Group’s acquisition of Coggles has met with mixed responses from the industry, with some concerned that the York premium indie’s name will not live on. Last week the etailer, which owns several webites including Drapers Footwear & Accessories Award winner MyBag, bought Coggles out of administration. The Hut Group acquired Coggles’ assets including stock and intellectual property such as the brand name and the company’s domain name. However, as a result of the deal the indie’s two remaining stores have been shuttered and all staff made redundant. On announcing the deal Andy Clay, joint administrator at Begbies Traynor, said: “Our primary duty is to bring about the optimum return for creditors and the offer from The Hut Group was an extremely good deal. “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 the stores in York have closed and the remaining staff have been made redundant.” Clay added: “While 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.”
Posted on: Tue, 25 Jun 2013 08:46:02 +0000
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