Hilco Capital agrees rescue deal for Cath Kidston

UK-based Hilco will support Cath Kidston as it faces challenges due to Brexit and COVID-19, with plans to invest further in e-commerce helped by new creative director Holly Marler who joined in 2021, according to a statement.

Baring Private Equity Asia acquired parts of Cath Kidston out of administration in April 2020, after a failed attempt to find a buyer. Alvarez & Marsal was appointed administrator at the time, with an initial mandate that led to a partial sale of Cath Kidston, encompassing the brand name, website, and e-commerce platform.

Marty Wikstrom, CEO of Cath Kidston, said in a statement that the pandemic and Brexit presented a series of challenges for the consumer sector, which the business was able to navigate with the aid of BPEA. According to the statement, the company's flagship store located in Picadilly is growing and performing close to pre-pandemic levels. Orders from international and UK franchisees and wholesale partners grew 40% for the fiscal year ending March 2022.

Previous Investments
In April 2020, TA Associates acquired a majority stake in Cath Kidston. TA deployed equity via TA XI, which held a final close in July 2009 on USD 4bn, according to Unquote Data.

TA Associates sold part of its holding in the company in July 2014 to Baring Private Equity Asia and the remaining two years later.

Company
British home furnishing and clothing store, Cath Kidston, was founded in 1993 in London by Catherine Isabel Audrey Kidston. The brand is known for its vintage-themed prints. It started its journey selling hand-embroidered tea towels and vibrantly renovated furniture from a small shop in Notting Hill.

People
Baring Private Equity Asia – Dar Chen (senior advisor).
Cath Kidston – Marty Wikstrom (CEO), Holly Marler (creative director).

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• Topics
• Buyouts
• Consumer
• UK / Ireland
• Baring Private Equity Partners
• United Kingdom