Simon Granger and Chad Griffin of FTI Consulting were appointed joint administrators today and completed the sale of the business. The sale will enable the business to operate and has safeguarded the Faith brand, as well as more than 2,000 jobs.
Faith will be combined with men’s clothing retailer Envy, owned by Kinnaird, and teenage fashion business Chilli Pepper, owned by Agilo. The new business will have about 140 stores across the UK and 200 concessions in the UK and continental Europe.
Kinnaird and the management will hold a majority stake in the new business, with Barclays Bank and Agilo holding minority shares. Barclays and Agilo will provide working capital facilities.
FTI Consulting senior managing director David Morris said: “Having assessed all options available to the business and given the financial challenges faced by the group, this transaction represents the best possible outcome for all stakeholders in the circumstances. This transaction will enable the business to continue to trade, as well as securing the future of the brand, which is excellent news for its employees, customers and suppliers.”
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