The A grade performance of a Midland law firm has helped to rescue one of Ireland’s biggest fashion retailers.
Wright Hassall acted on behalf of Hilco Capital Ireland – the Irish arm of UK business restructuring experts the Hilco Group– in its acquisition of the Dublin-based A|Wear.
A|Wear has been trading since the 1960s, has 39 stores across the UK and Ireland – including two in the Midlands – and was sold in 2007 by then owner Brown Thomas to UK private equity firm Alchemy Partners for €70million.
Since then, it has accumulated debts of €80million. Major lenders Ulster Bank had agreed for A|Wear to defer loan payments for a year at the end of 2010 but that agreement was nearing its conclusion meaning a solution had to be found swiftly.
Robert Lee, and his corporate team at Wright Hassall, was able to assist with the UK aspects of the deal for Hilco Ireland in a matter of days, safeguarding the future of A|Wear and its 370 staff.
Lee said: “We have acted on numerous deals for Hilco UK but this is a first for Hilco Ireland.
“We were made aware of the need to complete a deal on the Thursday afternoon and managed to have everything tied up by the Monday.
“Our vast experience in deals of this nature enables us to turn such agreements around effectively in a short space of time.
“Hilco specialise in rescuing businesses in situations like this and will now set about returning A|Wear to its former standing within the industry.
“To do this Hilco Ireland will provide extended working capital facilities to the business and is assisting the retailer’s management to address current market conditions in Ireland and develop its overseas markets.”
