Bailout for Henri Lloyd
Swedish investment firm Aligro Group has agreed to buy five Henri Lloyd shops, stock and assets after the brand went into administration in June.
Aligro UK Limited, a subsidiary of Aligro Group, will own stores at Cowes, Salcombe, Dartmouth, Cheshire Oaks and Lymington, securing 44 jobs.
Henri Lloyd blamed ‘challenging trading conditions on the high street’ for the administration, which has left 128 staff redundant. Four stores in Falmouth, Truro, Street and Swindon have also closed.
The firm had previously taken steps to reduce costs and divest assets in an attempt to stem its financial loses, selling the brand and trademarks to Aligro Group in March 2018.
In a statement, Aligro Group said it tried to bail out Henri Lloyd by acting ‘as lenders to meet urgent financial needs and continue operations. Unfortunately, the situation continued to worsen and filing for administration became inevitable.’
Hans Eckerström, founder of Aligro Group, said he was ‘committed to carry the heritage of the brand further and upgrade it to reach its full potential.’
Founded in 1963, Henri Lloyd is known for embracing new technology and textiles and was one of the first companies to use Gore-tex. It has played a significant role in supporting British sailing, sponsoring the likes of Sir Ben Ainslie and Shirley Robertston in their Olympic campaigns. It has been the technical clothing supplier for the Clipper Round the World Race since 2002 and for Land Rover BAR’S 2017 America’s Cup bid.