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.
An established motor factor business in Huddersfield presents a turnkey opportunity for investors seeking a ready-made enterprise with a proven track record.
LEASEHOLD
Opportunity to acquire a well-established dealership offering a diverse selection of premium performance and luxury vehicles at competitive prices.
LEASEHOLD
This established business, renowned throughout the Northeast of England, offers a unique opportunity in car sales, finance, and van rental services.
15
|
Jul
|
Business and assets of furniture manufacturer acquired in pre-pack deal | BUSINESS SALE
The business and assets of a Wiltshire-based furniture manuf...
15
|
Jul
|
DJH continues acquisition drive with first takeover in Ireland | BUSINESS SALE
Private equity-backed accountancy and professional services ...
15
|
Jul
|
Hospitality giant acquires £12.3m-turnover hotel group | BUSINESS SALE
Property, construction and hospitality giant The Arora Group...
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.