The corporate restructuring and advisory team at national law firm Shoosmiths has advised administrators on the sale of UK-based fashion and accessories retailer Monsoon Accessorize to Adena Brands.
Today’s agreement effectively allows the popular chains to continue trading online. Discussions will continue over the future of their bricks and mortar sites.
The Shoosmiths team was led by national head of corporate restructuring and advisory James Keates. Partners Tony Wright and Alastair Massey of FRP Advisory were appointed as joint administrators.
The transaction includes the sale of the brands and intellectual property, the head office and design teams, the group’s distribution centre in Northamptonshire, as well as the transfer of around 450 jobs. As part of the deal, Adena Brands – headed by entrepreneur Peter Simon - has provided a £15m cash injection into the businesses to ensure that they can continue to trade.
James said: “We are pleased that today’s sale goes some way to securing the future of two famous brands and hundreds of jobs. It has been, and continues to be, an incredibly challenging environment for the high street and so we are also pleased to be part of the rescue of these brands.”
The Shoosmiths legal team also included corporate restructuring and advisory partners Aaron Harlow and Lee Sennett, associate Louise Snipe and trainee solicitor Aaron Luxton. Wider support was provided by employment partner Charlie Rae and real estate partner Richard Bellamy.
The award-winning corporate restructuring and advisory team recently acted for the administrators of Oddbins, Cath Kidston and Axminster Carpets in recent weeks.