LONDON, England - A buyer has been found for Hein Gericke (UK) Ltd, which entered administration at the end of July.
Hein Gericke (UK) Ltd. is a UK-based retailer of gear and accessories. Before entering administration the firm operated 49 shops across England, Wales, Scotland and Northern Ireland, in addition to a catalog and online shopping. The UK business is separate from the parent company, which operates stores across Europe, trading within the UK under a license agreement with the German-based parent company.
Administrator Moorfields Corporate Recovery has confirmed an offer has been accepted to enable the ‘Hein Gericke’ brand to continue its presence in the UK. The name of the buyer has not been disclosed while the sale is pending.
The sale of the business is expected to complete in early September. Until then the last of the stock will continue to be sold, with all items reduced by up to 60 percent. All clothing is marked at least 40 percent off and all helmets have at least 30 percent off.
“The buyer sees the potential for the business to overcome the recent economic pressures which have impacted over the past few years,” said Simon Thomas, joint administrator at Moorfields Corporate Recovery.
Posted by Holly Wagner