Interpath Advisory has secured the future of three fine knitwear businesses based in Yeadon, near Leeds.
Jack Brodie Limited is a retailer of cashmere clothing and accessories primarily to high-end retail customers based in the UK and USA, but also sells directly to consumers via its website.
The Edinburgh Knitwear Company Limited is a retailer of pima cotton and cashmere products, while Pennine (London) Limited is a retailer of cashmere clothing and accessories. The three Companies are connected by virtue of common directors and shareholders.
The Companies had seen significant revenue growth in recent years, prompting management to invest in stock to meet demand, as well as investing in their direct-to-consumer channels including their websites. However, more recently, the Companies began to experience significant pressure on working capital and, after assessing all their options, Rick Harrison and Howard Smith were appointed joint administrators to the entities on 19 April 2023.
Immediately following their appointment, Interpath Advisory concluded a sale of the business and certain assets of Jack Brodie Limited and The Edinburgh Knitwear Company Ltd to Jamm Logistics Limited.
In a separate transaction, Interpath Advisory concluded a sale of the business and certain assets of Pennine (London) Ltd. to Belgium-based Amitex NV.
As part of the two transactions, all of the Companies’ 38 employees will transfer to Jamm Logistics Limited and Amitex NV.
Rick Harrison, managing director at Interpath Advisory, said: “We’re pleased to have concluded these two transactions which will enable these long-established fine knitwear businesses to trade.”
Howard Smith, managing director at Interpath Advisory, added: “We’re particularly pleased to have been able to safeguard the jobs of all employees and wish them, and the respective management teams, all the best for the future.”
