ReSolve sells Oliver Sweeney - ReSolve Group UK

ReSolve sells Oliver Sweeney

ReSolve Group UK

ReSolve sells Oliver Sweeney

Oliver Sweeney is a well-established retailer of quality men’s footwear and casual clothing with an iconic brand and reputation for excellence.

The Company had experienced financial difficulties as a result of lost trade in its stores as customers migrated to online purchasing. The general retail decline caused by the initial lockdown of the COVID-19 pandemic was the final blow to its bricks and mortar business. The Company’s stores did not re -open after the first lockdown in March 2020, except for one central London store which opened on a trial basis but experienced a very low level of sales and was closed within a week.

Oliver Sweeney Trading was responsible for retail operations and owned the stock but did not own the Oliver Sweeney brand or have any formal licence to use it.

ReSolve partners were appointed as administrators of Oliver Sweeney Trading on 13th July 2020.

ReSolve was engaged to manage the restructuring process which saw Oliver Sweeney Trading being placed into administration.

ReSolve completed the pre-pack sale of the stock and assets to a Newco ensuring that Oliver Sweeney continues to trade as an online and wholesale business, with the possibility of opening franchises and concessions in the future.

‘The coronavirus pandemic is having a devastating impact on THE LONG TERM VIABILITY OF the bricks and mortar retail sector, so we are pleased to have secured the future of Oliver Sweeney as an online business.’

Lee Manning, Partner, Resolve

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