Monsoon Accessorize bought out of administration by founder Peter Simon in pre-pack deal

Monsoon Accessorize has been bought out of administration by founder Peter Simon.

The company only went into administration last night but already Simon has bought the business back in a pre-pack deal.

The deal includes a cash injection of up to £15 million, on top of the £12 million Simon invested in the business following its CVA in July last year.

The business still expects to make 545 staff redundant as it closes 35 stores.

Formerly a majority owner of the business, Simon agreed with administrators he would buy the business almost as soon as it slid into administration.

He said: “Ever since I opened the first Monsoon store in Beauchamp Place in 1973, this business has been my passion and my life, and I did not want to see it fall victim to this unprecedented crisis.”

The firm had insisted a turnaround plan was going well after it negotiated a company voluntary arrangement with landlords.

However while the business was trying to improve, all of its stores were forced to close as Covid-19 swept the country.