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Gloucestershire Business News

Cath Kidston calls in the administrators

Cath Kidston, the quintessentially British retailer, is the latest high street casualty of the coronavirus crisis.

The modern vintage chain, which has a store in Gloucester Quays, filed a notice of intention to appoint Alvarez & Marsal (A&M) as administrator late on Friday, as reported by Sky.

The news comes just a fortnight after A&M was instructed to find a buyer for the company, which is owned by Baring Private Equity Asia. It is thought that a number of credible expressions of interest in a takeover have already been received. But it could still be yet more bad news for Gloucester Quays. Cheltenham's Cath Kidston store closed late last year.

The news comes hot on the heels of reports that Debenhams was on the verge of appointing administrators  for the second time in a year. Elsewhere, Laura Ashley, Carluccio's and BrightHouse have all blamed COVID-19 for hastening their descent into insolvency proceedings.

The notice of intention to appoint A&M will buy Cath Kidston 10 days of breathing space from creditors. A pre-pack administration is thought to be one of the likeliest outcomes.

Almost 40 per cent of Cath Kidston's sales come from tourists and international business, particularly from Asia.

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