A financial consortium led by Privet Capital and Paradigm has bought the trading names and assets of high street furniture and accessory retailer Lombok from the administrators, KMPG, who were appointed today.
Myles Halley and Finbarr O’Connell were appointed.
The new consortium and management team will continue trading at 14 of Lombok’s 19 locations, and keep 124 of the 161 jobs.
The deal protects the deposits and delivery of all orders placed by customers.
Privet Capital and Paradigm, turnaround specialists, have taken a majority stake in Angora (2009) which has the right to trade under Lombok’s name.
Steve Keating, a partner at Privet Capital and newly appointed chairman of Lombok, said: ‘It is very much business as usual for Lombok. All existing orders will be fulfilled, day-to-day operations continue as normal, our excellent website remains fully functional and there will be no change to the trading name or store branding – in fact customers will notice little or no difference.’
William Landale is the chief executive of the new company, while founder Alex Cresswell-Turner will remain as creative director and Bill Gore will become a non-executive director.
Landale said: ‘Whilst the recession has hit Lombok, as it has many other retailers, we have a great brand with significant opportunity to grow the business in the longer term. The existing management are fully behind the deal and we will now sit down with the new board to execute the strategy for the company.'
Myles Halley, restructuring partner at KPMG, said: ‘Latest economic figures show that retailers are facing some of the toughest trading conditions in living memory. In such a challenging environment, the strongest brands will have a leading edge. The speed with which the sale was agreed is a testament to the strength of the Lombok brand and secures the jobs of 124 staff with minimal disruption to operations - a positive result for all parties.’