Monsoon Accessorize has been bought out of administration by its founder Peter Simon through his company Adena Brands Ltd in a move which aims to save 2,300 jobs.

The company fell into administration late on Tuesday evening following a period of poor trading caused by Covid-19 and the lockdown of its 230-strong store network.

Following a sale process instigated by administrator FRP Advisory, Adena has acquired both businesses to ensure they continue trading.

The deal includes a cash injection of up to 15 million pounds by Simon, in addition to the 12 million pounds he invested during its company voluntary arrangement (CVA) last year.

Adena said it would now enter into talks with landlords to see if they can agree on terms to reopen stores once the lockdown is lifted. Adena said it hopes to save as many as 100 stores to ensure Monsoon and Accessorize continues to have a “significant presence on the British high street”.

Monsoon Accessorize founder leads rescue buyout

“This deal secures the future of both Monsoon and Accessorize and means we can continue to serve our customers online without a pause,” said Simon in a statement. “In addition, we will now try to save as many of our stores as possible, depending on the outcome of various discussions with landlords. I would like to thank landlords for the helpfulness and enormous forbearance they have shown so far, which has enabled us to get to this point.

“Ultimately, we hope to be able to save as many as 2,300 jobs in this process, and more than 4,500 in our supply chain, although unfortunately not all of them. We believe that fashion has a future on the high street, and we are prepared to commit time and money making it work.

“Monsoon and Accessorize will both emerge smaller and stronger after this but essentially the same - with our unique design flair and commitment to environmental standards and ethical trading intact. I am looking forward to working with everyone to overcome this crisis and make the next chapter in our history a success.”

Photo credit: Monsoon, Facebook