A Derby businessman has stepped in to save what is thought to be the oldest department store in the world and has pledged to keep the 285-year-old brand alive.
Earlier this year, Bennetts, which opened its first shop in Iron Gate, Derby, in 1734, went into administration, appointing Bridgewood Financial Solutions as administrators.
In April, Bridgewood announced that a deal for the Bennetts name and assets at the Derby store had been agreed.
READ MORE: {}
But last month it confirmed that the sale to London Sole, part of a group of companies owned by Charles James Associates, had fallen through putting the fate of the Bennetts brand back in the balance.
Now, Paul Hurst, owner of The Old Bell Hotel, in nearby Sadler Gate, has stepped in to secure a deal for the “fixed assets and goodwill” of Bennetts.
But due to the dilapidated condition of the existing Bennetts Iron Gate building, he has decided that a physical store is not a viable option in the short term - and a stock clearance sale has been planned by the administrators.
But Mr Hurst has insisted this is not the end of the historic brand and has pledged to keep the Bennetts name alive, both on the high street and online.
His marketing team already has plans to create a new retail website and are working with retail specialists in order for Bennetts to showcase iconic brands from Derby and the 海角视频 – many of which have proved popular with customers over the past 285 years.
Most Read
In the meantime, Mr Hurst will be searching for a new Cathedral Quarter location or a solution to the extensive building work required on the current building.
Mr Hurst has past experience of rescuing and restoring iconic Derby businesses and buildings. He is best known for restoring The Old Bell Hotel to its former glory.
The Grade II listed building was constructed in 1650. It is Derby’s largest and last surviving coaching inn and considered one of the most prestigious coaching inns outside London.
Mr Hurst said: “I’m incredibly passionate about Derby and particularly the Cathedral Quarter. The Old Bell Hotel was a labour of love but I was determined that this iconic building was not lost to the city.
“I feel just the same about the Bennetts brand and our team will use all the expertise developed throughout The Old Bell restoration and marketing to keep the name alive – not just locally but across the world.
“We have worked tirelessly to look at all the options including re-configuring the building in Iron Gate to keep Bennetts open in its original home.
“However, there is at least £300,000 of work that needs to be done immediately and I am sure that more major repairs are likely to be uncovered during work on such an old building.
Don’t miss
“Rather than focusing all our efforts and funds on a crumbling building, we will create a brand new website for Bennetts, which will bring the brand in line with the demands of today’s high street as well as appealing to a wider demographic.
“This will feature great British brands, names synonymous with Derby as well as up and coming designers.
Want more business news straight to your inbox?
BusinessLive is your home for business news from around the country - and you can stay in touch with all the latest news through our email alerts.
You can sign up to receive morning news bulletins from every region we cover and to weekly email bulletins covering key economic sectors from manufacturing to technology and enterprise. And we'll send out breaking news alerts for any stories we think you can't miss.
Visit our email preference centre to sign up to all the latest news from BusinessLive.
“In the meantime, we will continue to look at the options for a physical store – remaining in the Cathedral Quarter – although this will not be a short term solution and could take some time to resolve.
“The vision is to create a modern retail experience with events and new brands that will make it a destination for the whole family to enjoy.
“The upcoming stock sale is the perfect opportunity to get people back into Bennetts and to re-engage with people about our future plans.”
Adminstrators have said that details of the stock clearance sale will be announced shortly.
Joint administrator Paul Mallatratt said: “Following the concerning turn of events in August we are pleased to have found an alternative solution for Bennetts, and especially one led by a person evidently committed to Derby’s Cathedral Quarter.
“We will be working closely with Paul Hurst and his team in order to ensure the smooth transition of Bennetts to its new owners by the end of October.”
The move by Mr Hurst has been roundly welcomed by local business figures.
Martin Langsdale, chairman of the Cathedral Quarter Board, which drives forward initiatives under the area’s Business Improvement District status, said: “We are delighted that Paul is taking Bennetts forward. He has always had a drive and passion for the Cathedral Quarter and achieved great success with The Old Bell Hotel in particular.
“We hope that a physical presence in the Cathedral Quarter can be developed and look forward to working with Paul and his team as this project develops.”
More Derbyshire retail stories
John Forkin, managing director of inward marketing agency Marketing Derby, said: “We’re delighted that the Bennett’s name finally has a future secured.
“The investor, Paul Hurst, has a successful track record, having rejuvenated the Old Bell Hotel and plays a positive role in the city, not least as a Marketing Derby bondholder.
“We will be providing what support we can to ensure the world’s oldest department store has a vibrant future.”