Austin Reed in takeover approach
Fashion retailer in talks with possible bidder
March 27 2003
UK fashion retailer Austin Reed has been approached by a possible buyer for the business.
The company, which includes both the Country Casuals and Austin Reed brands, confirmed it has received an approach which may lead to an offer for its shares. The statement followed a rise in Austin Reed’s share price.
Richard Thompson, who bought and then sold on fashion brands Jaeger and Viyella last month, recently named Austin Reed and Country Casuals as two brands which might be brought together with other UK fashion labels to create a strong portfolio. It is not known if Thompson is connected to the current talks.
The board of Austin Reed said a further announcment would be made in due course.
