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.