Colette By Colette Hayman has been saved by a surprising consortium of investors.
Deloitte Restructuring Services partners Vaughan Strawbridge, Sam Marsden and Jason Tracy were appointed voluntary administrators over fashion accessories retailer CBCH group of companies, trading as Colette by Colette Hayman, on 31 January 2020.
The administrators have confirmed the successful recapitalisation and sale of the group to an investor team headed by former Myer (Australia) and Edcon (Africa) CEO Bernie Brookes and former Myer and Woolworths executive John Skellern.
Creditors of the group voted in favour of the transaction at their second meeting last week.
Marsden praises the sale.
"We are very pleased to have secured the future of this business and jobs for close to 300 employees, including nearly 100 permanent roles.
"The sale of the business to a group of experienced retail investors represents a significant achievement in the current environment, and reflects the strength of the brand and the commitment of the group’s employees to its future.
“It follows a robust due diligence process, undertaken in the midst of the market uncertainty brought on by COVID-19, which saw several parties submit offers.
"The new owners bring with them a significant track record in Australian and international retail and are well positioned to reinvigorate the brand across a streamlined 35-store network across Victoria, New South Wales, South Australia, Queensland and Western Australia, and a strong online platform.
“It been a turbulent journey through the heart of COVID-19, but we have witnessed great resilience and tenacity in the Colette management team and employee base, which will be a great asset to the new owner and a new chapter for Colette by Colette Hayman.”