Fashion retailer LK Bennett enters administration

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.


Share this article



Latest Businesses for Sale

International Sourced Convenience Shop with Separate Cash & Carry
Ipswich, Suffolk, UK Wide

Business located close to Ipswich Town Centre. The business has been owner established since 2006, has built up a highly enviable reputation and has come to market with a genuine reason for sale. Offers invited.

Asking Price: £199,000
Turnover: £1,485,484

Used Car Sales Business
Colchester, Essex, South East, UK

A wonderful opportunity to acquire a used motor car sales business that has been established since December 2012 selling high-end vehicles. Trading from a prominent site with over 100 ft road frontage and approx. 16,640 sq ft of concrete hard-standin...

Asking Price: £150,000
Turnover: £2,000,000

Butchers
Suffolk, UK Wide

Well established butchers located on a very busy residential shopping parade in the historic market town of Bury St Edmunds. The business was set up and operated under the same ownership for the last 37 years which has now come to market with a genui...

Asking Price: £149,999
Turnover: £517,263


View more businesses for sale

News Search

Latest News

 
16
 
Oct
 

Automotive supplier completes MBO | MBO/MBI

An automotive products supplier located in South Yorkshire h...

 
15
 
Oct
 

Tomlinsons Dairies falls into administration | ADMINISTRATION

Wrexham-based dairy firm Tomlinsons Dairies has announced to...

 
14
 
Oct
 

PE firm snaps up independent video game firm | BUSINESS SALE

Private equity firm NorthEdge Capital has successfully acqui...

Free guide: 10 Biggest Buyer Mistakes

Sign up to receive our acquisition alert emails to get your FREE guide

Email


Related News

 
23
 
Apr
 

The Hut Group buys Christophe Robin haircare brand | BUSINESS SALE

British e-commerce firm The Hut Group (THG) has acquired Fre...

 
13
 
Dec
 

Harvard Technology Limited enters administration | ADMINISTRATION

A lighting company based in Normanton has been forced to eng...

 
04
 
Sep
 

E-commerce company acquires beauty product manufacturer | BUSINESS SALE

In a deal valued at roughly £60 million, online retail...

Want access to the latest businesses for sale?

Business Sale Report is your complete solution to finding great acquisition opportunities.

Join today to receive:

  • Comprehensive range of businesses for sale
  • Make direct contact with business sellers or their intermediaries
  • Access to all UK administrations, liquidations and winding-up petitions
  • Daily email alerts for the latest businesses for sale & distressed notifications
  • Business Sale Report publication posted to you every month
  • Advertise your acquisition requirements on our "business wanted" section

All this and much more, including the latest M&A news and exclusive resources