Mon, 17 May 2021 | ADMINISTRATION
A buyer is being sought for British fashion brand Amanda Wakeley after the company fell into administration due to the COVID-19 pandemic. The luxury fashion brand, known for its bridal and occasion wear, saw its trading performance at its flagship Mayfair store and concessions suffer as a result of lockdown.
The company continued trading through its online store and premium shopping channels. However, like many luxury fashion brands, its sales were hit by a lack of demand for occasion wear, with events largely cancelled or restricted due to social distancing and lockdown measures.
The company was in need of capital investment in order to proceed, but this was not forthcoming. It has therefore appointed Clare Lloyd and Colin Hardman of Smith & Williamson LLP as joint administrators.
Joint administrator Colin Hardman commented: "Despite an extensive marketing process, attracting significant interest, and a huge effort from Amanda Wakeley and the Company’s staff, it was not possible to find a buyer for the business. The board therefore had to make the difficult decision to place the Company into administration.”
"Our principal objective is to maximise realisations for the benefit of creditors. As well as clothing and accessory stock, the business boasts a newly platformed eCommerce site. Whilst a small number of redundancies have regrettably been necessary, Amanda Wakeley and a core team of employees continue to support us with our realisation strategy."
Founder and Creative Director Amanda Wakeley, who began the eponymous brand in 1990 with a store in Chelsea, added: "During the pre-administration phase, the company’s staff worked tirelessly with me, and Smith & Williamson, to maximise sales and mitigate the impact of insolvency on the company’s creditors.
Read more about how the impact of COVID-19 on the fashion sector could drive M&A activity.
View the latest distressed UK businesses here.
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