Squire Patton Boggs bags role on Austin Reed administration

Squire Patton Boggs has landed the lead role advising on the administration of suit retailer Austin Reed.

The 116 year old tailor filed for administration today, appointing Peter Saville, Kevin Coates and Catherine Williamson of business advisory firm AlixPartners Services as joint administrators.

AlixPartners said that the appointment came “as a result of cash flow difficulties arising from challenging retail market conditions”.

Austin Reed will continue to trade while the administrators look to sell all or part of the business.

Squire Patton Boggs is advising AlixPartners with a team led by its London head of restructuring and insolvency, Cathryn Williams.

Williams said: “All involved in this matter are working hard to secure the future of the Austin Reed and Country Casuals businesses as going concerns, with a view to saving the jobs of the employees and maximising returns to creditors.”

Saville said: “Austin Reed is a well-regarded and iconic brand and therefore we are confident that it is an attractive proposition for a range of potential buyers, as such we expect, and welcome, contact from interested third parties.”

Austin Reed was founded in 1900 and has over 100 stores and 50 concessions throughout the UK and Ireland. The group has a total of 1,184 staff.

It is the second major high street casualty in as many days, following the announcement yesterday that retailer BHS had filed for administration.

On that matter, DLA Piper is advising administrators Duff & Phelps, with Leeds restructuring partner Colin Ashford taking the lead.

Weil Gotshal & Manges is acting for BHS, with a team led by London head of restructuring Adam Plainer.