Sat, 20 Mar 2021 | ADMINISTRATION
Luxury British fashion house Ralph & Russo has announced that it has fallen into administration as a result of the COVID-19 pandemic.
According to the company's board, it has placed itself into administration in a bid to help the brand restructure its business following a significant hit to the retail economy as a result of coronavirus. They added that they hoped the move would prevent Ralph & Russo from collapsing entirely.
Ralph & Russo was founded in 2010 and has gone on to draw a number of celebrity clients. It gained international recognition when the Duchess of Sussex wore one of the label's dresses in her engagement photos. However, orders have since plummeted in the wake of global lockdowns, which resulted in the cancellation of the majority of weddings and red carpet events around the world.
"For the last 11 years Ralph & Russo has been my love and complete passion," said Tamara Ralph, co-founder of the brand. "In the last 12 months we have experienced unprecedented trading conditions throughout the pandemic which has put a tremendous strain on our business and retailers across the world. In spite of these difficulties, we have continued to serve our customers during this time."
She added: "I would also like to reaffirm my commitment to the brand and to taking it to new heights in the future. My clients, staff and I have an unbreakable bond and we will come through this together."
Administrators Begbies Traynor and Quantuma will now be tasked with investigating the company's options as it seeks to secure the future of the brand by refinancing the business. It has been suggested that they will oversee the brand's potential insolvency process, with a pre-pack sale floated as a possible avenue should refinancing fail.
Amazing deal in this long-established community store offering excellent range of products and services.
LEASEHOLD
Superbe opportunity to acquire this very well established trade with widespread reputation and client base, offering extensive new and premium quality pre-owned vehicle range from secure and well maintained 0.8 acre site.
FREEHOLD
The business is a well known operator in the Northeast of England, a specialist in car sales, finance and van rental having been in business since 1995.
03
|
Apr
|
Whitworths Food Group buys oils group KTC Edibles | BUSINESS SALE
Northamptonshire-based Whitworths Food Group is buying KTC E...
02
|
Apr
|
NVM exits travel tech firm Intuitive with Banyan Software deal | BUSINESS SALE
Banyan Software has bought a technology provider of end-to-e...
02
|
Apr
|
CheckFire Group buys long-standing partner PJ Fire | BUSINESS SALE
CheckFire Group, the South Wales-based fire safety equipment...
Business Sale Report is your complete solution to finding great acquisition opportunities.
Join today to receive:
All this and much more, including the latest M&A news and exclusive resources
We can help you capitalise on insolvent businesses. We list UK businesses in administration, liquidation and with winding up petitions daily. Ensuring our members never miss out on an opportunity
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.