British tailoring house, Austin Reed goes into insolvency with 1,200 jobs at risk

LONDON: One of Britain's iconic tailoring brand Austin Reed has collapsed into administration, or insolvency, putting more than 1,000 jobs at risk.

The 116-year-old tailoring brand, which once counted former British prime minister Winston Churchill and Elizabeth Taylor among its customers, appointed AlixPartners today to explore options for the business after it ran out of cash.

It becomes the second high street retailer in two days to appoint administrators after British Home Stores (BHS) suffered the same fate yesterday, leaving 11,000 jobs hanging in the balance.

AlixPartners said the retailer would continue to trade while it explored possible options to secure a future for Austin Reed, including a sale of all or parts of the business.

"Our priority now is to work with all stakeholders and determine the optimum route forward for the business as we continue to serve customers throughout the UK and Ireland.

"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," said Joint administrator Peter Saville.

The Austin Reed Group, which includes the Country Casuals brand, has 100 standalone stores and 50 concessions throughout the UK and Ireland.

It employs a total of 1,184 staff.