Thu, 30 Sep 2021 | ADMINISTRATION
According to reports, fashion brand Roland Mouret is close to entering administration. Stakeholders at 19RM, which trades as Roland Mouret from its London store and through a range stockists, are said to be in talks over options for the business, with one understood to be insolvency.
A joint statement by investors in the firm said: "The shareholders have been and continue to work with the management at Roland Mouret to agree a way forward for the business.”
There is thought to be a chance that the business could still be saved from entering administration.
The fashion industry has been hit hard by the COVID-19 pandemic in numerous ways, with many mid-market brands impacted by the closure of high street stores and more luxury brands suffering as a result of the decline of formal events during lockdowns.
Earlier this year, up-market dressmaker Amanda Wakeley, well known for its bridle and occasionwear, fell into administration. Last month, meanwhile, Roland Mouret himself predicted that his business would take five years to recover from the impact of the pandemic.
19RM’s investors include media group XIX Entertainment and The Grosvenor Estate, which invested in the business last year via a new fund intended help tenants navigate the difficulties posed by the COVID-19 pandemic.
The brand’s clothes have been worn by a range of prominent figures, including the Duchess of Cambridge, the Duchess of Sussex and actress Scarlett Johansson.
In its most recent accounts at Companies House, for the year ending December 29 2019, 19RM reported turnover of £16.09 million, down from £16.68 million in 2018. However, the company returned a post-tax profit of close to £950,000, following a near £2.5 million loss a year earlier.
At the time, the company’s fixed assets were valued at £725,584, with £7.7 million in current assets. The company owed close to £5.1 million to creditors within one year, leaving it with net current assets of £2.69 million.
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