Tue, 14 Jun 2011 | ADMINISTRATION
Fashion and homewares chain Life & Style has been placed into administration for the third time in three years.
RSM Tenon directors Simon Bonney, Peter Hughes-Holland and Tom MacLennan have been appointed to handle the administration. They have said they are launching an immediate review of the company's business affairs, but will be keeping shops trading through this period, while they also seek offers for its business and assets.
Mr Bonney said the 100-store company had been brought to the situation due to poor trading conditions.
"We are currently looking at all aspects of the business, but with the exception of closures that the business had planned before it was put into administration, stores will remain open for the immediate future," he explained.
Life & Style was created out of the Ethel Austin clothing retailer. In 2008 businesswoman Elaine McPherson bought the company out of administration, but it became insolvent again two years later, only to be repurchased by McPherson.
Offers are being sought for the business and assets, with private equity firm SKG Capital already having shown interest in running the business as a going concern.
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