William Baird finds irregularities in Lowe Alpine accounts
Men’s clothing manufacturer William Baird has discovered an overstatement in the accounts of Lowe Alpine, the outdoor leisure brand it acquired last year.
LONDON (Brand Republic) – Men’s clothing manufacturer William Baird has discovered an overstatement in the accounts of Lowe Alpine, the outdoor leisure brand it acquired last year.
The company said the accounting irregularities were discovered after the division’s managing director and finance director were replaced in the summer.
It also revealed that overstated profits at the time of the acquisition would have reduced the value of assets on the balance sheet by £1.3m.
William Baird acquired the outdoor leisure brand from Phildrew Ventures. William Baird plans to combine the business with its existing outdoor sports brand, Tenson.
The company’s Baird Menswear brand is currently undergoing a management buyout by chairman and chief executive Peter Lucas with the support of textile entrepreneur Harold Tillman. It is in negotiations with Alchemy Partners about the venture capitalists taking a 75% stake in the business. The outcome of the discussions is expected in two weeks.
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