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Following the recent news that Peter Werth and Pink Soda have collapsed into administration in May 2011 FSP has reviewed and updated the retailer records on SnapShop. Below is a summary of the retailer profile and highlights of the administration:
• In June -10 - Greg Tufnell, MD of menswear brand Peter Werth, rescued women's young fashion brand Pink Soda from administration, & outlined plans to add more brands to his Brand Acquisitions stable
• In July -10 - Greg Tufnell who led the buyouts of Peter Werth and Pink Soda for £10m in 2008, quit Brand Acquisitions, the venture which backed the business
• In November-10 - Turnover for the year was £8.8m (2009: £11.3m) and operating loss for the year was £883,120 (2009 - profit of £988,588) - directors expected the business to return to profit in the future.
• On 13/05/2011 - Springrealm, Peter Werth’s trading company, appointed FRP administrators
• On 16/05/2011 - Peter Werth, the menswear brand, went in administration - FRP have been appointed administrators to business. Effect on sister brand Pink Soda was unclear
• On 17/05/2011 - The parent company pulled the plug on the business, forcing Pink Soda in to administration too
• On 27/05/2011 - JD Sports buys Peter Werth and Pink Soda
Retailer Profile – Peter Werth
Peter Werth is a clothing retailer that targets men and women aged 18-40 in the premium sector of the market. There is one standalone store in Liverpool and is sold through 35 House of Fraser concessions and has around 200 wholesale accounts in the UK, Belgium and Germany. The business employs approximately 70 staff.
It is aimed at the Upper Middle sector of the market with a focus on Assured Individual fashion.
Retailer Profile- Pink Soda
Pink Soda was established in 1983 by Robert Rose and David Solomon and is a womenswear retailer. There are two labels: Pink Soda Boutique, which launched in 2001 and sits at the designer end of the market, and Pink Soda, which launched in 2004 as a younger, slightly more accessible brand. Both are sold successfully to department stores and key boutiques worldwide.
Pink Soda fell into administration towards the end of 2008 but was bought out by Greg Tufnell, managing director of Peter Werth.
In May 2011, Pink Soda went into administration - Jason Baker and Geoff Rowley were appointed joint administrators.
There is no information on website about administration and its impact on deliveries but according to Brand Acquisitions managing director Peter Lynes “It is business as usual. As it stands, the view is autumn will be impacted as little as possible. For the most part we will get through this quickly and out the other side with a stronger brand than we have gone into it with.”
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