Thursday September 19, 2019

All jobs safeguarded following sale

Online menswear retailer The Idle Man has been acquired out of administration by the parent company of womenswear retailers Oasis and Warehouse in a pre-pack deal that has safeguarded all jobs.

Launched in 2014, The Idle Man is an online-only menswear retailer that was founded by Oliver Tezcan, a former Asos.com menswear buyer. It curates several men’s brands as well as its own premium, fashion and basic labels: Idle Projects, The Idle Man, and T.I.M. All three labels are designed and sourced at the company’s headquarters in Shoreditch.

Chris Stevens and Phil Harris from the Brighton office were appointed Joint Administrators on 9 September 2019 after the business had suffered a period of cash flow difficulties. Following an accelerated sales process and their subsequent appointment, the Joint Administrators secured the sale of the business and its assets to The Oasis and Warehouse Group.

All employees have transferred as part of the deal. Managing director Oliver Tezcan will also continue to head up The Idle Man and will report directly to The Oasis and Warehouse Group chief executive Hash Ladha.

Commenting on the deal, Oliver Tezcan said: “Ever since The Idle Man was established in 2014, our premise of delivering a stylish, affordable and curated menswear offer has been at our core. This is the start of a very exciting journey for us, we will now have a platform from which we can scale up, attract new customers and develop our own brand wholesale proposition and international business.”

Director, Phil Harris added: “Not only does this deal save a number of jobs, it provides the business with a strong platform for future growth and will enable the brand to capitalise on the increasing demand for fashionable menswear. We wish the team the best of luck as part of The Oasis and Warehouse Group.”

Andrew Walker, Restructuring & Insolvency Partner, at national law firm Irwin Mitchell, alongside Phil Middleton, provided legal support to FRP on the deal. He said: “Retail is going through a challenging period and the cashflow problems experienced by The Idle Man are certainly not uncommon within the sector at the moment. Consumer demand remains strong and with the backing of Oasis and Warehouse, I’m confident the business is ideally placed to take advantage.”