|HwCg goes under|
|Thursday, 20 August 2009 09:49|
HwCg is the latest high-profile victim of the recession after being placed into administration. After months of speculation, the agency has confirmed its assets are being purchased by PLB.
The demise was blamed on financial issues arising from HwCg’s associated companies in Australia, which include Neqtar.
“In contrast to the Australian businesses, HwCg has been trading strongly,” said a statement from the PLB. “PLB has agreed to buy the assets of HwCg from the administrator.
While the circumstances of this action for HwCg have been difficult, the portfolios of the two businesses are an extremely good fit, having complementary supplier bases. It means PLB will have an exceptionally strong range.”
HwCg supplies brands including Evans and Tate, Montes and Producteurs Plaimont to all the main multiples.