Heaphys, which is located in Sheep Street in Rugby, was founded in 1831 and provides bespoke, made to measure suits, shirts and casuals as well as hire wear.
The business has established a longstanding and prestigious brand name across the Midlands, but the combination of an increasingly competitive and diluted market and the way in which consumers shop have culminated in the business slipping into administration.
Business recovery specialists Poppleton & Appleby, which has offices in Coventry and Birmingham, has been appointed to handle the administration process and is working to find a buyer for the business to try to avoid redundancies.
Matt Hardy, partner at Poppleton & Appleby, said: “Heaphys will continue trading as we work to finalise proceedings and negotiations with prospective buyers.
“The company is more than 180 years old and is reputed for its quality and dedicated service - it is not often these days that we see small businesses of this age and prestige.
“There is certainly a lot of interest out there and it is with both these factors in mind that we will look for a buyer to purchase the company as a whole and maintain the workforce, who are an integral part of the goodwill of the business.
“Whilst we’re exploring those avenues we will also be preparing for an orderly wind down of the affairs in case negotiations are not successful – although at this moment I would say we are very hopeful of a deal.”
Heaphys first opened its doors in Redditch in 1831. In 1985 an opportunity to open a second store in Warwick was successfully taken which was shortly followed by a third store opening in Rugby in 1988.
Now, the original Heaphys brand operates from its Rugby store alone while the stores in Redditch and Warwick are independent and are not affected by the administration process.