Shannon is plotting to build the business back up to the size it was before administration and continue the job of refreshing the brand that he began before the retail business collapsed.
He told Retail Week: “We have done a lot of work with the shop design and branding and we will continue with that, applying the new look across thechain and opening stores where opportunities exist.”
Before falling into administration on New Year’s Day, Adams had 271 stores and concessions, 3,200 staff and a turnover of£150m. Despite the closure of 151 shops and the loss of 1,300 jobs, Shannon said he was optimistic about making the chain work this time around. “There is no bank now, just me. The product offer is much better and Ladybird is out of the market,” he said.
Shannon said he still believed that the service in Adams stores and the fashion credentials of the ranges could bring customers in, despite strong competition from the supermarkets.
Shannon defended the way the administration took place, saying that it was carried out in the most professional manner.
PricewaterhouseCoopers was appointed as administrator to the chain and had several bidders, including Shannon, who pursued the business from the start.
Shannon said: “Unless it has been marketed before, this is the most professional way to do an administration as it gets the best deal for the creditors.” He believes that corporate voluntary arrangements, as unsuccessfully tried by Stylo last week, had a “limited” place and were difficult to make work in the retail market.
The Adams management team will largely stay the same, but finance director Julie McBride has left the business after 20 years and a replacement is being sought.
Separately Adams’ wholesale arm, which supplies the Mini Mode babies and young children’s clothing brand to Boots, is also set to launch an adult swimwear range called Coral Bay for the health and beauty retailer.
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