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| Clothing retailer sells Style Menswear |
| Written by News Desk | |
| Wednesday, 13 February 2008 | |
|
Luton-based clothing retailer, Alexon, has sold its Style Menswear business to Hamsard 3032, a company backed by retail entrepreneur John Kinnaird, for a nominal sum of £1.
Style Menswear trades from 115 shops and concessions. In the year ended 28 January 2007 the firm made an operating loss of £2.7m on sales of £54.7m and continued to perform poorly in the second half of 2007/08. The transaction allows Alexon to concentrate on its womenswear businesses. As part of the deal Alexon has placed £3m in an escrow account in respect of certain contingent liabilities of Style Menswear. Alexon also announced that Jim Martin, non-executive chairman, will be standing down from the board in March to concentrate on his other business interests. He will be succeeded by Richard Handover, currently, formerly chief executive and chairman of WH Smith Group and currently a non-executive director of Royal Mail. |
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