PETER HAHN, a traditional and internationally active multi-channel company for fashion, fashion and lifestyle for so-called best-ager customers with headquarters in Winterbach in the Rems-Murr district (Baden-Württemberg), has concluded an investor agreement with the Wourth Group from Great Britain . PETER HAHN has thus taken a decisive step towards long-term restructuring and ending the self-managed insolvency proceedings. The previous financiers have already agreed to the Wourth Group’s entry. PETER HAHN and the Wourth Group complement each other in terms of customers, sales channels and business processes. The partnership creates a leading distance selling company in Western Europe and Great Britain.
- The implementation of the investor entry by the Wourth Group will take place as part of an insolvency plan
- Wourth Group is now providing interim financing
- Implementation of investor entry (closing) planned for the end of September
- All existing jobs can be retained
- Business operations will continue fully and independently
PETER HAHN’s business operations will continue independently after the entry of the Wourth Group with currently around 500 employees at the Winterbach location.”With the Wourth Group, PETER HAHN was able to find the ideal investor who is prepared to invest a significant amount in the business “In addition, the business activities of the Wourth Group, particularly with regard to the customer structure and the high-quality goods offered, have major overlaps with the business operations of PETER HAHN,” says Managing Director Daniela Angerer.
“We are convinced that the acquisition of the traditional and respected company PETER HAHN represents a great enrichment of our investments in the fashion sector and that our companies can benefit significantly from each other. Furthermore, Peter Hahn’s strong presence in the DACH region and the Netherlands “It also represents an ideal expansion of the Wourth Group’s international presence from a geographical perspective and enables the development of a large number of new customers,” adds Mike Lester (CEO Wourth Group).
The investor agreement that has now been signed and the interim financing granted by the Wourth Group represent the basis for the investor entry, which will be implemented as part of an insolvency plan. “We are extremely pleased that, despite the difficult economic environment in the fashion sector, PETER HAHN has managed to find a long-term continuation solution and to be able to maintain all jobs,” emphasizes managing director Jörg Marx. “The entry of the Wourth Group is also a very good solution that provides long-term security for the many PETER HAHN suppliers who remained loyal to us during the self-managed insolvency proceedings and made our restructuring possible through continued supplies,” adds Managing Director Alexandra Kohnke .
Peter Hahn initiated so-called protective shield proceedings before the Stuttgart District Court on October 23, 2023. The management around Daniela Angerer, Alexandra Kohnke, Jörg Marx and restructuring manager Detlef Specovius from the law firm Schultze & Braun, the restructuring representatives Dr. Andreas Kleinschmidt and Dr. Nicolai Fischer from the law firm White & Case and the provisional administrator Dr. Holger Leichtle from the GÖRG law firm has since developed a sustainable renovation concept and implemented it at great expense. “Pleasingly, the profound restructuring of PETER HAHN was actively supported by customers, suppliers, creditors and, above all, the employees. On this basis and with the help of the investor solution found, it will probably be possible to end the self-managed insolvency proceedings at the end of September,” they say Restructuring representative Dr. Andreas Kleinschmidt and Dr. Nicolai Fischer. “The solution found represents a solid foundation for the long-term and independent continued existence of PETER HAHN. I am very pleased that the commitment and commitment of everyone involved over the past few months has led to this result,” adds Detlef Specovius.
On the buyer side, Till Buschmann and Katrin Schröder from BCLP Frankfurt and Richard Obank from BCLP London are in charge.
About PETER HAHN: PETER HAHN is a fashion retailer in the upper quality and price segment that was founded in 1964 in Winterbach, Swabia. Today, the multichannel company’s offering includes high-quality fashion and home accessories, which are sold via catalogue, internet and stationary retail in four European countries. The company offers a variety of over 300 brands. With this range, the company primarily targets the target group of women aged 45 and over. www.peterhahn.de
About Wourth Group: The Wourth Group is a UK-based omnichannel multi-category fashion retailer, working with a range of distinctive lifestyle brands targeting different segments of the valuable over-50s demographic. Wourth Group has successfully acquired a number of companies throughout 2023 including Scotts & Co, Thought and Hotter. These brands have complemented Wourth Group’s original lifestyle brands, WoolOvers, Pure Collection and Roama. Wourth Group has over 8 million identifiable customers, serving the over 50s demographic in the UK, US, Australia and Europe.
About Schulze & Braun: Schultze & Braun is a leading service provider for insolvency administration and advice on restructuring and insolvency law. With around 500 employees at more than 30 locations in Germany and other European countries, Schultze & Braun supports companies locally, nationwide and internationally in all legal, tax and business issues.
About White & Case: White & Case is a leading global law firm with offices in all major financial and economic centers around the world. In Germany, around 250 lawyers, tax advisors and notaries in Berlin, Düsseldorf, Frankfurt am Main and Hamburg are a fully-fledged and fully integrated part of a strong international network and offer legal work at the highest level. (www.whitecase.de). For more than 35 years, the firm has had one of the most respected insolvency and restructuring practices in Germany (www.whitecaseinso.de).
About BCLP: With more than 1,275 lawyers in 31 offices across North America, Europe, the Middle East and Asia, BCLP is a fully integrated, global law firm that provides clients with connected legal advice wherever and whenever they need it. The German practice includes more than 60 lawyers in Berlin, Frankfurt and Hamburg. The firm is known for its service- and team-oriented culture, extensive legal expertise and industry-leading innovations. It offers its clients one of the world’s most active M&A, real estate, financial services, litigation and corporate risk practices (www.bclplaw.com).