Hilco Capital

Last updated

Hilco Capital Limited
Formerly
  • Petherrace Limited (2000–2001) [1]
  • Hilco UK Limited (2001–2013) [1]
Company type Limited
IndustryInvestment, finance, restructuring
FoundedMarch 10, 2000;25 years ago (2000-03-10) in London, England [2]
Headquarters
London
,
United Kingdom [1]
Area served
UK, Western Europe, Canada, Australia
ServicesTurnaround investing, lending, restructuring services
Parent Hilco Global
Website hilcocapital.com

Hilco Capital Limited [1] is a British financial investment and restructuring advisory company, operating in the UK, Western Europe, Canada and Australia. [3]

Contents

History

Hilco Capital was founded in London in 2000 as a joint venture between its management team and Hilco Global. [4] [5]

In April 2013, Hilco Capital rescued entertainment retailer HMV/Fopp from administration, saving 141 branches. [6] In February 2019, the retailer was sold to Sunrise Records, but with Hilco Capital retaining and licensing the trademarks for HMV/Fopp and His Master's Voice as Mermaid (Brands) Limited. [7] [8]

In May 2018, Hilco Capital rescued the home improvement chain Homebase for a nominal £1 from Wesfarmers, following a botched attempt to convert the stores to their Bunnings Warehouse format. [9] In August 2018, Hilco Capital announced a company voluntary arrangement (CVA) for Homebase, closing 42 of its 249 stores in an attempt to return it to profitability. [10] In February 2020, the retailer returned to profitability earlier than expected, and was listed for sale in November 2020. [11] In November 2024, Hilco Capital placed Homebase into administration following sustained losses with The Range, B&Q and Wickes purchasing certain assets. [12]

The firm have also rescued Denby Pottery Company, as well as Habitat, before selling to sold to Home Retail Group & Cafom). [13] Other deals include Tilley Endurables (Canada, sold to Gibraltar & Company), Glue Stores (Australia, sold to Accent Group), Anglia Crown (sold to BonCulina) and Cath Kidston Limited (sold to Next). [14] [15]

Hilco Capital also acted as an advisor for Debenhams and Peacocks during their administrations, and also operated British Home Stores during their administration. [16] [17] They have also provided funding for Superdry, French Connection, Gieves & Hawkes and David Jones. [18] [19]

While the company was described in December 2018 by The Times as a vulture fund, [20] other media reports have described this narrative as ‘scapegoat-hunting desperation’. [21]

Awards

Hilco Capital was awarded Special Situations Debt Provider of the Year at the IFT Awards 2022. [22] The company also won the Turnaround of the Year Award at the Turnaround, Restructuring & Insolvency Awards (TRI) 2019. [23] It also won the Business Rescue of the Year award (£21-50m turnover) at the Insolvency & Rescue Awards 2009. [24]

References

  1. 1 2 3 4 "Hilco Capital Limited overview - Find and update company information - Gov.uk". Companies House . 10 March 2000. Retrieved 8 February 2025.
  2. "Incorporation". Companies House . 10 March 2000. Retrieved 8 February 2025.
  3. Walawalkar, Aaron (15 August 2020). "Debenhams hires restructuring firm for potential liquidation". The Guardian.
  4. Harrison, Nicola (8 July 2011). "Hilco sells Habitat European arm to Cafom Sa". Retail Week.
  5. Burn-Callander, Rebecca (23 April 2016). "Now that's Gangnam style: 200-year-old pottery firm Denby becomes surprise hit in Korea". The Telegraph.
  6. "HMV branches sold to Hilco, saving 141 branches". BBC News. 5 April 2013. Retrieved 13 June 2025.
  7. "UK music retailer HMV bought by Sunrise Records owner Doug Putman". Music Business Worldwide. 5 February 2019. Retrieved 13 June 2025.
  8. "MERMAID (BRANDS) LIMITED overview - Find and update company information - GOV.UK". find-and-update.company-information.service.gov.uk. Retrieved 13 June 2025.
  9. "Homebase sold for £1 as DIY disaster ends for Wesfarmers". BBC News. 25 May 2018. Retrieved 13 June 2025.
  10. Tugby, Luke; Bowden, Grace (31 August 2018). "Homebase to axe 42 stores as creditors approve CVA". Retail Week. Retrieved 13 June 2025.
  11. Nazir, Sahar (11 November 2020). "Homebase begins search for new owner - Retail Gazette" . Retrieved 13 June 2025.
  12. "Homebase collapses with 2,000 jobs at risk". www.bbc.com. 13 November 2024. Retrieved 13 June 2025.
  13. Harrison, Nicola (8 July 2011). "Hilco sells Habitat European arm to Cafom Sa". Retail Week.
  14. Singh, Prachi (30 July 2018). "Hilco sells Canadian brand Tilley to Gibraltar & Company". Fashion United.
  15. Best, Dean (16 May 2023). "Foodservice group BonCulina buys UK meals maker Anglia Crown". Just Food.
  16. Herbert, Tom (2 June 2016). "BHS folds as no buyer found". Accounting Web.
  17. Nazir, Sahar (15 August 2020). "Further jobs at risk as Debenhams owners plan liquidation". Retail Gazette.
  18. Nazir, Sahar (13 July 2022). "Gieves & Hawkes seeks new buyer as Hong Kong owner falls into liquidation". Retail Gazette.
  19. "Clifford Chance advises on financing for Anchorage Capital Partners' acquisition of David Jones in Australia". Clifford Chance. 3 May 2023.
  20. "Vulture fund charged ailing HMV £48m".
  21. Kleinman, Mark (14 September 2023). "Mark Kleinman: The inquest into Wilko's demise has only just begun". CityAM.
  22. "IFT Announces Award Winners". www.the-ift.com.
  23. "Hilco Capital and Moores win Turnaround of the Year Award". KBB Daily. 22 November 2019.
  24. Staff (12 January 2011). "Hilco: Turning Bad Money Into Good". ESM Magazine.