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.
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