Gieves & Hawkes is finally up for sale
The sale process for upscale British heritage brand Gieves & Hawkes has begun following the earlier liquidation of its Hong Kong parent company, Trinity Group. FTI Consulting in Hong Kong and the UK is running the process.
The brand — known for its royal warrants as well as for dressing Lord Nelson for the Battle of Trafalgar and later Sir Winston Churchill — is believed to have begun seeking buyers in the past few days after months of speculation about what would happen to it.
There’s no specific deadline for completion of a sale, but reports said it’s expected to be concluded later this year.
Companies House filings also showed that the business secured a credit facility last month from restructuring specialist Hilco for an undisclosed amount.
The firm, which dates back to 1771 when Thomas Hawkes opened a shop on London’s Brewer Street, moved to Savile Row in 1974 when Hawkes merged with the slightly younger (founded 1785) Gieves.
Trinity Group, part of the troubled Shandong Ruyi operation, appointed liquidators late last year. The troubles at Shandong Ruyi saw it losing control to creditors of big names including Lycra Co and SMCP, the France-based owner of Sandro and Maje.
There had been speculation that a winding-up order against Trinity could mean the demise of Gieves & Hawkes, followed by an assumption that the brand would be sold. But the trail had gone quiet until this week.
The sale should include the UK business and Chinese operation/licensing agreements, a person familiar with the matter told Bloomberg.
The company has an extensive store estate, including five UK locations, headed by its 1 Savile Row flagship. But most of its stores are in Greater China.
Gieves & Hawkes has continued to operate and reports said sales have been stronger recently due to the return of events such as Royal Ascot and the wedding season.
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