Luxury handbag and accessories brand Radley is set to close 21 stores after being acquired by investment firm Gordon Brothers, the owner of Poundland, in a pre-pack administration deal. The move will result in the loss of 42 jobs.
The takeover includes Radley's intellectual property assets but excludes its two standalone shops in Covent Garden, London, and Glasgow, as well as 19 concessions. According to Drapers, these outlets are expected to trade for approximately 14 weeks to clear stock.
Radley, known for its signature Scottie dog branding, reported a pre-tax loss of £5.5 million in its last financial year, with turnover dropping from £72 million to £65.8 million. The company was founded as a stall in London's Camden Market in 1998.
Carolyn D'Angelo, Senior Managing Director at Gordon Brothers, said: “We are honored to be the brand stewards for this modern British brand and look forward to bringing Radley to a wider consumer audience.” FTI Consulting, the administrators, cited challenging economic conditions, declining customer demand, and rising operating costs as factors behind the administration.
