Austin Reed acquired by Alteri Investors

Alteri Investors, which invests in “stressed and distressed retail situations” has confirmed that it has acquired the outstanding loan notes and the shareholder capital of Austin Reed for an undisclosed sum.

The acquisition comes less than a year after the investment group provided a 6 million pound loan to the struggling upmarket fashion retailer to enhance Austin Reed’s operations and multichannel offer last May.

Alteri confirms that it has acquired the retailer’s loan notes and shareholder capital of Gajan Holdings, the holding company of clothing retailers Austin Reed, CC, and Viyella, from Darius Capital.

Alteri’s strategy is to invest in stressed retail companies, principally in the UK, Germany and Benelux region, and is backed by Apollo Global Management, LLC, one of the world’s leading alternative investors. In the past year, the firm has also acquired Jones Bootmaker and Brantano.

Austin Reed has been struggling in recent years and last year the retailer entered into a company voluntary agreement (CVA) and closed down 31 stores.

Image: Austin Reed