Tue, 23 Jul 2013 | ADMINISTRATION
Maxine Hargreaves-Adams, the daughter of Matalan’s founder, has rescued Nicole Farhi from administration.
Nicole Farhi entered administration in early July as the latest casualty on the British high street, with Zolfo Cooper taken on to find a buyer to save the well-known retail brand. The business, which had fallen into the gap between demand for either high-end luxury clothing and discount apparel, had attracted interest from over 50 third parties.
Over 120 jobs across its five shops and ten concessions in Harvey Nichols and Selfridges department stores, among others, were left hanging in the balance after the news.
The founder of the rescued business Nicole Farhi herself had been pinpointed as a potential buyer. She established the business in 1982 with her husband at the time, Stephen Marks, who founded French Connection.
Ms Hargreaves-Adams, a former head of womenswear at Matalan, also bought women’s clothing retailer Fenn Wright Manson in March 2012 from Zolfo Cooper. She invested in the online fashion retailer Damsel in a Dress, with her father, earlier this year.
The financial details of her latest deal have not been disclosed, nor is it clear how much of the business she will own after the purchase has completed.
“I am delighted to announce that we have been able to acquire Nicole Farhi – an iconic and much-loved British brand,” Ms Hargreaves-Adams said. A spokeswoman said they will take the brand back to its beginnings in luxury with a focus on quality and standards.
Peter Saville at Zolfo Cooper commented on the deal: “We wish Maxine and the company’s employees all the best for what we believe will be a successful future for the business.”
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Related information:
Administrators seek buyer for Nicole Farhi
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