Ollie & Nic secures rescue deal

Clothing accessories retailer Ollie & Nic has secured refinancing from Onyx Retail, a group of investors including Peter Davies, Richard Sims and Chris Inman.


Clothing accessories retailer Ollie & Nic has secured refinancing from Onyx Retail, a group of investors including Peter Davies, Richard Sims and Chris Inman.

Clothing accessories retailer Ollie & Nic has secured refinancing from a group of investors including Peter Davies, Richard Sims and Chris Inman.

The refinancing follows yesterday’s appointment of administrators MCR by Morley Trading, the holding company of Ollie & Nic. Ollie & Nic and certain of its assets have been acquired by Onyx Retail, a group specifically set up to do the deal.

The members of Onyx Retail previously held senior roles in Arcadia, a privately owned clothing retailer with more than 2,500 outlets, and were part of the Rubicon team that undertook a management buy-out of Warehouse and Principles from Arcadia in 2001.

Ollie & Nic founders Nick and Jane Hill will continue to be involved in the company alongside incoming managing director Mark Vandenberghe, former international director of retailers Monsoon and Accessorize.

Hill comments: ‘Both Jane and I are confident that in Peter, Richard and Chris we have found a team who bring a wealth of retail experience in addition to financial backing.

‘The Ollie & Nic business has been built on our passion for fashion accessories and this investment brings with it a new structure which puts the business in a much stronger position.’

Established in 2002 in Brighton, Ollie & Nic now has 11 standalone stores in the UK and is stocked by high street retailers including Harvey Nichols and Urban Outfitters.

Nick Britton

Nick Britton

Nick was the Managing Editor for growthbusiness.co.uk when it was owned by Vitesse Media, before moving on to become Head of Investment Group and Editor at What Investment and thence to Head of Intermediary...

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