UK clothing retailer Austin Reed Group has been acquired by retail restructuring firm Alteri Investors for an undisclosed sum. 

In a statement yesterday (18 April), Alteri Investors revealed it has acquired the outstanding shareholder loan notes and the entire share capital of Gajan Holdings, the ultimate holding company of clothing retailers Austin Reed, CC and Viyella. 

According to its website, Alteri Investors invests in stressed and distressed retail businesses in the UK, Germany and Benelux. 

Austin Reed has been struggling for some time, having revealed back in December 2014 that it was working on a strategic review to "maximise the opportunities" for its businesses.

In January last year, the retailer announced it would shutter 31 stores and receive a GBP3m (US$4.5m) cash injection from shareholders as part of a company voluntary arrangement (CVA). And two months later, creditors of Austin Reed Group voted overwhelmingly to approve the CVA to try to return the business to profitability.