Vert fashions new takeovers

FASHION firm Jacques Vert has almost finished integrating rival William Baird, but the acquisition has hit its results.

Pre-tax losses grew from £1.5m to £5.2m after exceptional items of £6m. Stripping out the £6m restructuring costs, operating profits are £3.1m, compared to £1.1m last year.

The firm said savings from the Baird acquisition in December 2002 were at the higher end of expectations.

Vert was transformed from a single womenswear retail brand into a multiple-branded retailer when it acquired Baird. The acquisition also added a wholesale operation comprising the Melka menswear brand and an outdoor clothing brand, Tenson.

The group sells through some 170 shops bearing the Jacques Vert name and also has concessions in a number of department stores, including House of Fraser and Debenhams.

Trading since the end of the financial year was 'satisfactory' despite difficult conditions in the womenswear sector.

Chief executive Paul Allen said: 'In the medium term it makes sense to do more acquisitions.'