Administrators have failed to find a buyer for the 116-year-old tailoring and clothing business Austin Reed, which will close down at the end of June with the loss of 1,000 jobs.
The clothing manufacturers CUK Clothing and Courtaulds Brands have gone into administration and 350 of 380 employees have been made redundant. The companies merged in 2006 and manufacture and supply Pretty Polly tights as well as private label socks, bras, underwear, nightwear, formal and casual wear, jackets and coats. The administration of BHS, a major customer, and recent declining sales and profitability are blamed for the failure of the companies.
The Government has appointed Lord Sugar as enterprise tsar as part of its drive to get more young people to consider starting their own business or undertaking an apprenticeship. As well as championing enterprise and apprenticeships among young people, the founder of Amstrad and star of the TV show The Apprentice will encourage businesses to take on apprentices. The Government hopes to have three million people starting apprenticeships in England by 2020.
The technology products distributor Steljes has gone into administration. The 29-year-old company distributes visual communication technology such as projectors, digital signage and interactive displays and has an annual turnover of around £55m. The administrators are looking for a buyer for the business.
The American private equity firm Warburg Pincus has acquired a majority stake in Reiss, in a deal which values the fashion retailer at £230m. Warburg Pincus will aim to help Reiss expand further internationally, in particular in the North American, Asian and Australian markets.
The commercial insurance broker Exchange Insurance Services has been acquired by Bluefin Insurance.
TeleData, a provider of data centre and colocation services, has increased its infrastructure hosting portfolio with the announcement that it is buying 1st Easy Ltd. Headquartered in Cheshire, 1st Easy was established in 1999 and is a provider of VMWare based public cloud services and data centre infrastructure services.
The computer software provider K3 Business Technology Group has acquired the Danish point of sale software/hardware provider DdD Retail for £7.9m.
DBK Partners, a property and construction consultancy, has been acquired by RPS Group. Headquartered in Oxfordshire, RPS is a business consultancy which specialises in land and property development, energy production, environmental management, and health and safety.
The flexible plastic films manufacturer Cellophane has been sold by Innovia to the Japanese company Futamura Chemicals. Headquartered in Nagoya, Futamura is a manufacturer of plastic and cellulose films for the food packaging industry. The sale enables Innovia to focus on its polymer bank note business, which is going to be responsible for manufacturing the new polymer banknote substrate for the Bank of England, which will be seen in the new £5 and £10 notes which are to be issued over the next year.