Rescue deal saves 180 jobs at Bradford menswear retailer Greenwoods

Greenwoods, the Bradford-based menswear retailer, has been saved from administration after being sold to Versatile International Trading.

The retailer, which was founded by Sir Willie Greenwood in 1860, was forced to appoint Deloitte as administrators last month.

However, the sale to Versatile will see the transfer of 40 retail stores, the central warehouse and head office functions. As a result, this rescue deal has safeguarded 181 jobs.

The retailer’s additional 22 stores are expected to close and force 88 redundancies.

Adrian Berry and Claire Boardman of Deloitte LLP were appointed as joint administrators.

Adrian Berry said: “This sale represents the best outcome for the business, which has been trading in administration for over six weeks.

“A significant proportion of the employees now have their jobs protected and we would like to thank all of them for their support during this difficult period.”

During the 1990s, Greenwoods boasted around 200 stores nationwide. Last year, it is believed the retailer recorded a turnover of around £20m.

Greenwoods first entered administration back in 2009, but it was saved when a Hong Kong-based business bought 87 stores from the administrators.