The upcoming of Savile Row tailor Gieves & Hawkes has been thrown into question right after its Chinese owner was put into liquidation.
Trinity, which also owns the Kent & Curwen manufacturer, stated this week that FTI Consulting and R&H Services had been appointed as joint liquidators.
It stated the liquidators were “thinking of the possibility of a probable restructuring”.
The business was placed into liquidation at the ask for of Common Chartered next a failed attempt to come across a purchaser for the brand names, the Situations documented.
It signifies Gieves & Hawkes, which has been trading for about 250 years, is at danger of long lasting closure.
The manufacturer has dressed royalty and large profile figures these kinds of as Sir Winston Churchill. Its historical past can be traced back to 1771 when Thomas Hawkes opened a keep on Brewer Street promoting armed forces outfits to the Royal Navy and army.
Its finest identified keep is positioned at one Savile Row, though the manufacturer also has 60 other stores across the British isles.
Gieves & Hawkes has been owned by Trinity, alone managed by Chinese textile large Shandong Ruyi Technologies Team, given that 2012. Its takeover was component of a major drive by Shandong Ruyi into Europe, also snapping up brand names these kinds of as Sandro.
In new years, on the other hand, Trinity has struggled with financial debt stages and endured a wave of personnel departures.
The inventive director of Kent & Curwen, Daniel Kearns, left last 12 months, while manufacturer associate David Beckham stepped back in 2020 right after it emerged that Kent & Curwen had amassed £18m in losses.
According to the Situations, Trinity continue to owes Mr Beckham hundreds of thousands over a licensing offer with that manufacturer.
The business has also reportedly defaulted on bond payments. It was dealt a winding-up order last 12 months, which it had introduced an appeal in opposition to.
In spite of the appointment of joint liquidators, a rescue offer could continue to materialise to preserve Gieves & Hawkes. According to the Situations, Marks & Spencer remains interested in a probable offer for the tailor.
Trinity did not reply to requests for remark.