Cadogan Enters Administration
Posted by News Editor
Posted in News
Winchester Today has been informed that the well-known fashion retailer on The Square – Cadogan – has gone into administration.
Cadogan and Co began trading more than 20 years ago – but appointed business recovery specialists Begbies Traynor as administrators on 19 July.
The administrators told Winchester Today that the shop will stay open to sell its remaining stock, but the business will eventually close.
Indeed, when Winchester Today went to the shop this afternoon, it seemed like the low prices were certainly drawing in the customers.
(Sign Of The Times: Cadogan’s front window earlier today)
The business is the latest in a line of well-known names to close down branches – Next, River Island, Jaeger, and Maison Blanc have all ceased trading in the city.
Andrew Hook is manager at Begbies Traynor’s Salisbury office, and told Winchester Today that the business had faced a number of problems: “Initially, the business did well, with turnover reaching £1,600,000 ten years ago, but like many businesses they were subsequently hit by the financial crash.
“The way people buy has changed dramatically too, with more and more people migrating online as a first port of call, and that’s hit businesses like Cadogan hard.
“On top of that, in 2013 a delicatessen and cafe next door also closed down, and footfall again reduced significantly.”
The director of the business also found that customers would increasingly wait for items to be put on sale, and suppliers often set up websites which offered discounts.
The shop employed nine staff, all of whom will be made redundant.