Tue, 15 Dec 2020 | ADMINISTRATION
East London-based Lloyd Shoe Company, an Arcadia Group supplier, has filed for administration. The business has become among the first suppliers to be impacted by Arcadia Group’s collapse, but continues to trade as normal while a buyer is sought.
Lloyd Shoe was founded in 1986 and employs 243 staff. The company operates over 800 footwear concessions for both men and women in the UK, Ireland, Germany, the USA and the Netherlands. Many of its concessions are in stores belonging to the Arcadia Group.
In a statement, the company said: "Lloyd Shoe operates footwear concessions for stores within the Arcadia group of brands and the business is working closely with the administrators of Arcadia to support their trading strategy whilst they seek a buyer(s). The business continues to trade as normal.”
In its most recent financial statement, to the year ending August 31 2019, Lloyd Shoe described Arcadia Group as its “significant customer” writing that it was reliant on the group, the position of its brands in the market place and the success of Arcadia’s CVA turnaround.
In the report, the company said that the retailing environment “continues to be very challenging”, with the ongoing Brexit process in particular creating uncertainty in the retail sector. The company reported turnover of £35.9 million for the year, down from £41.8 million the previous year, while gross profit fell from £3.5 million in 2018 to £2.8 million.
The company reported an operating loss of £1.3 million, up from a £1 million operating loss in 2018, and total losses for the year of £1.2 million, compared to a £785,917 loss the year prior. Despite this, the company said at the time it was “well placed” to register improved results for the year to August 2020 and budgeted a return to profit in the coming year.
At the time, Lloyd Shoe Company’s fixed assets were valued at £120,895, with current assets of slightly over £8 million and net assets coming to over £2 million. The company owed £6.1 million to creditors within one year.
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