GCW had been appointed pre-administration to review the property portfolios of the three brands operated by the 116-year old retailer in 150 stores, Austin Reed, Country Casuals and Viyella. This work established the potential for raising capital through assignments and surrenders of leases.
Post-administration, GCW brought the whole portfolio to market and raised in excess of £7.5 million via premiums for creditors. It agreed a number of deals securing premiums from retailer occupiers or surrenders with landlords including the surrender of the lease to the landlord of Austin Reed’s flagship store on Regent Street. The retailers who took on leases include White Stuff, EE and Fraser Hart.