Deathwatch - problems at Greenwoods?
Word has reached us on the grapevine of another long-standing company with mounting financial problems - and it could be bad news for soon-to-be-grooms as well as sensibly-dressed men over the age of 60.
A well-sourced reader has emailed us with a tip-off that the Greenwoods menswear chain is experiencing trouble in paying suppliers. According to the source, one supplier was told the company may be facing administration.
We spoke to a member of the finance team at Greenwoods this afternoon, who asked us to speak to Richard Davies, Group Finance Director of the chain's holding company Hanson Partners Ltd. Despite numerous calls, we were unable to speak to Davies to confirm the story. Bitterwallet did speak to managing director Laura Crawford who stated that Greenwoods was not currently in administration.
The company was founded by Willie Greenwood way back in 1860 and is the boutique of choice for gentlemen of a certain age, as well as being a leading hire supplier of wedding suits (through their 1860 offshoot brand).
In September, Hanson Partners had agreed to sell 50 per cent of Greenwoods to Chinese retail company Bosideng International. The company planned to spend over £25 million refurbishing 100 Greenwoods stores and rebranding them as Bosideng outlets. The deal was due to be completed on or before April 6th 2009.
According to Companies House, Hanson Partners is late filing company accounts due on 28th of last month.