Fieldfisher Manchester leads on retail acquisition, safeguarding all jobs
Two partners from Fieldfisher's Manchester office have led on Aurora Fashions Group (whose stable also includes the Oasis and Warehouse brands) acquisition of Idle Man.
The Idle Man website launched in 2014 as an online only menswear boutique, founded by an ex Asos buyer, Oliver Tezcan. The Idle Man battled against the current difficult retail environment and announced some cash flow issues earlier in the year. The acquisition is a reflection of Aurora Fashion's faith in the brand, and in consumer interest and appetite and a willingness to diversify as it represents the Group's first foray into menswear.
This acquisition will enable the brand to scale up, and ensuring all employees were transferred as part of the deal is an extremely positive move by Aurora in a difficult climate. Tezcan will also continue to head up the brand and will report directly to The Oasis and Warehouse Group chief executive Hash Ladha.
The deal has safeguarded all jobs involved, which is a real success in todays' difficult retail climate.
James Corlett commented "Working on this deal has been really enjoyable for our team and it has been a pleasure to support Aurora through this acquisition when the aim has been to ensure all jobs are protected at The Idle Man, and that the latter company is given the opportunity to scale up and thrive".