Thu, 27 May 2021 | ADMINISTRATION
The future of luxury fashion brand Ralph & Russo is in doubt after a potential buyer pulled out of a deal to acquire the business at the last minute. Filings at Companies House revealed that the anonymous buyer withdrew in early May and that, the following day, the company’s creative director and co-founder Tamara Ralph resigned from the business.
The company went into administration in March as a result of the COVID-19 pandemic and appointed Begbies Traynor Managing Partner Paul Appleton and Quantuma MD Andrew Andronikou as joint administrators. The administrators then began running an accelerated sales process, with five anonymous potential buyers coming forward.
At the time of the administration, Tamara Ralph commented: "I would also like to reaffirm my commitment to the brand and to taking it to new heights in the future. My clients, staff and I have an unbreakable bond and we will come through this together."
However, two days before a deal was set to close, the leading bidder decided to withdraw from the acquisition. The brand’s future now appears to be in doubt, especially given Ralph’s resignation following a “dispute” with co-founder Michael Russo.
Administrators have said that they are still in talks with numerous parties and hope to conclude a deal for the business. However, they added that the interested parties were largely individual entrepreneurs rather than businesses. Administrators also said that, as a result of the massive impact of COVID-19 on the sector, there had been no interest in the brand from fashion or retail buyers.
If the administrators are unable to sell the whole business, it is thought that they may seek to sell its assets separately. The company, which had debts of close to £28 million when it collapsed in March, had fixed and current assets worth around £12.1 million at the time of its most recently available accounts for the year ending March 31 2019.
Read more about COVID-19's impact on the fashion sector.
View the latest distressed UK businesses here.
The business operates from a number of retail stores which are predominantly based in the North of England. They also have a strong online presence.
This established business, renowned throughout the Northeast of England, offers a unique opportunity in car sales, finance, and van rental services.
This is a unique opportunity to acquire a reputable motor company located in the Northeast of England, offering strong growth potential and a solid customer base.
25
|
Apr
|
Scaffolding company Hi-Point Access raises funds following Gap acquisition | BUSINESS SALE
Sheffield scaffolding company Hi-Point Access has secured &p...
24
|
Apr
|
Malaysia's IJM buys a stake in London construction firm JRL | BUSINESS NEWS
IJM Corporation Berhad has bought a 50% stake in Borehamwood...
24
|
Apr
|
Training group Babington bought by PE-backed Knovia | BUSINESS SALE
Apprenticeship and training provider Babington has been acqu...
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
We can help you capitalise on insolvent businesses. We list UK businesses in administration, liquidation and with winding up petitions daily. Ensuring our members never miss out on an opportunity
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.