Wednesday, July 4, 2018

News: Greenwoods moving out of Rotherham

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The new owners of historic national retailer, Greenwoods Menswear, has decided to move its Rotherham store to Sheffield.

Last year Adrian Berry and Clare Boardman of Deloitte LLP were appointed joint administrators with 300 jobs and 60 stores at risk.

Versatile International Trading took the business on and pledged to keep 40 stores open - including the store in Rotherham town centre.

The Rotherham "flagship" store opened on College Street in 2011 in the former Music Zone unit. The move into the store was helped by an £8,000 grant from the Council's Town Centre Business Vitality Grant Scheme.

Now a deal has been secured for Greenwoods to open at Crystal Peaks Shopping Centre in Sheffield which will mean that the Rotherham store will close.

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The retailer has stores nationwide and specialises in men's formalwear and smart casual clothing whilst also developing the 1860 Brand, a hire wear specialist of wedding, evening and Highland wear suits. The company also operates its niche brand "Mansize" which caters for the larger man, whilst still retaining high quality styling and fabrics.

Lee Greenwood, centre manager at Crystal Peaks, said: "We are delighted to welcome Greenwoods Menswear to Crystal Peaks.

"A name with this reputation for quality and value adds to an already strong fashion offering for Crystal Peaks visitors."

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The firm has struggled in the challenging retail sector before, entering administration in 2009. Shanghai-based Bosideng announced its intention to acquire Greenwoods in 2013, and offered a loan to the latter to support its daily operations. Bosideng had observed and analysed Greenwoods' business for a long time and concluded that its performance did not meet the Company's requirements. As a result, Bosideng shelved the plan to acquire Greenwoods. In 2014, Greenwoods already repaid the entire £8m loan that Bosideng had previously provided for it.

Last July, the freehold shop investment at 31 College Street (the Greenwoods store) went under the hammer with national auctioneers, Allsop, and was sold at the guide price of £300,000. The legal pack showed that the 3,800 sq ft property was let to Greenwoods Menswear Limited on a lease expiring in 2021. The current rent was shown as £30,000 per annum and the 2017 break clause was not exercised.

Rothbiz reported last month that the adjacent property is also at risk of becoming vacant as Poundworld Retail the operator of Bargain Buys, has gone into administration.

Images: Allsop

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