Mon, 24 May 2021 | ADMINISTRATION
Luxury British fashion label Amanda Wakeley has confirmed that it has fallen into administration after being hit hard by the COVID-19 pandemic.
The fashion brand has reportedly struggled to recover after being forced to close its doors for many months in light of lockdown restrictions. It has subsequently had to call in joint administrators, including Colin Hardman from Smith & Williamson, after failing to find a buyer.
Commenting on the recent announcement, owner and founder Amanda Wakeley revealed that the firm had been working hard for a number of months in an attempt to avoid making the decision. "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," she said.
"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 brand added in a recently released statement. "The board therefore had to make the difficult decision to place the company into administration."
The fashion company was launched by Amanda Wakeley in 1990, with the aim of providing classic and refined garments. It has since gone on to become a favourite with royalty including Princess Diana and the Duchess of Cambridge.
The label has also been seen on the red carpet, having been worn by Hollywood celebrities including Jennifer Lopez and Angelina Jolie.
Mr Hardman has revealed that the principal aim of the administrators is now to "maximise realisations", including clothing and accessory stock as well as a newly platformed e-commerce site.
"Find businesses for sale here.
If you are looking for an exit, we can help!"
Specialises in the manufacture and sale of hand-crafted and stylish personalised greeting cards and gifts for all ages and occasions. Highly skilled and experienced workforce that enables the company to offer a dedicated and customer-focused approach...
Established Over 30 Years. Excellent Google Customer Reviews. Potential to Increase Turnover. Well stocked with Products. Top Quality Service & Great Prices. Offers invited.
Corporate and Celebrity Clients. Fantastic Reviews. Brand New Website. Huge Scope for Future Growth. This is a very exciting opportunity to acquire a specialist events business which has a wealth of experience and a list of fantastic social-media rev...
Bristol-based transport, trucking and railroad firm Toogood ...
Listed pharmaceutical firm 4D Pharma Plc has fallen into adm...
Sign up to receive our acquisition alert emails to get your FREE guide
A buyer is being sought for British fashion brand Amanda Wak...
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