Hilco buys Irish company A-wear from Alchemy

IRISH fashion retailer A-wear has been acquired for an undisclosed sum by restructuring specialist Hilco Ireland.

A-wear has 39 stores throughout Ireland and three in the UK as well as an online and wholesale businesses.

Hilco said that its Irish arm has “provided extended working capital facilities to A-wear to facilitate the business’ financial needs”.

Hilco bought the business from private equity group Alchemy.

The indebted retailer has been researching refinancing options over recent months. But it rejected any suggestion that it was under threat of administration.

Hilco chief executive Paul McGowan said: “We are delighted to have this opportunity to acquire one of Ireland’s strongest retail brands.”

A-wear’s online shop includes a number of discounts including deal for students.

A-wear joint chief executive Mark Naughton-Rumbo said: “This sale and the provision of additional working capital is an important step for the company, and I would like to thank all of our lenders as well as our investors, for their tremendous efforts in completing this transaction.”