Austin Reed said it is focused on the trading opportunities ahead of the business

Austin Reed said it is focused on the trading opportunities ahead of the business

Clothing retailer Austin Reed Group has confirmed it is working on a strategic review to "maximise the opportunities" for its businesses.

According to a report in The Telegraph, Austin Reed Group owner Darius Capital is talking to professional services firm Deloitte about a company voluntary arrangement (CVA), which would allow the business to reduce its debts while continuing to trade.

Austin Reed Group confirmed in a statement that it the review is underway. "No decisions have yet been taken and we are currently clearly focused on the trading opportunities ahead of us during the important Christmas period, and completing the work to relaunch our websites on a new platform early next year," it said.

According to Companies House filings, Austin Reed Group's loss widened to GBP141,598 (US$221,480) in the year to 31 January, compared to a loss of GBP53,888 in the same period of the year before. Turnover climbed 1.7% to GBP47.7m from GBP46.9m in the prior year.

Deloitte, meanwhile, declined to comment.