Fri, 08 Mar 2019 | ADMINISTRATION
Premium fashion brand LK Bennett has fallen into administration, citing tough trading conditions and a slump on the high street as the reasons for the company’s downfall.
The company, established in London in 1990 by Linda Bennett, was forced to call in professional services firm EY to handle the administration, with partners Dan Hurd, Hunter Kelly and Craig Lewis appointed as joint administrators.
LK Bennett was operating at a loss of roughly £6 million in the year ending July 2017, which later forced Linda Bennett herself to invest £11.2 million into the business.
Hurd commented on the administration, saying: “Amidst tough trading conditions for retailers, the company has been further impacted by significant rent increases and business rate rises.
“Linda and the management team therefore made the difficult decision to place the company into administration, to protect the future of the business.
“LK Bennett is a strong luxury UK brand, the new season collection was critically acclaimed, and recent trading is up, which we hope will be attractive to prospective buyers.
The brand owns 39 stores across the country, with an additional 37 concessions. However, due to the administration, stores in Sheffield, Bristol, Liverpool and London have been closed down.
In spite of the closures, trading in all other shops will continue; however, the company’s web sales will be suspended temporarily to allow the administrators the chance to oversee stock and to carry out deliveries as best as possible.
LK Bennett stated that its international trading operations will not be affected.
The administrators are actively seeking a buyer for the business and its assets, and are inviting offers of interest immediately.
For more news stories about administrations click here. For all our administrations listings, click here.
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