Thu, 20 Sep 2018 | ADMINISTRATION
As a result of the collapse of its parent company, Kiely Rowan, Orla Kiely has ceased trading and entered administration.
The stores in King’s Road and Seven Dials as well as the Kildare shop closed their doors on Monday, 17 September.
Consultancy David Rubin & Partners have been appointed to undertake the winding down of Kiely Rowan including liquidating its assets.
A statement by the company said: "Having carefully considered the options, the directors of Kiely Rowan Plc have concluded that the business should enter voluntary liquidation following various challenges that have faced the company over the past few years, both in the UK and abroad.”
Despite the company’s turnover growing from £7.2 million to £8.3 million last year, its profits fell from £109,000 to £74,000.
A partner at restructuring company Begbies Traynor, Julie Palmer said: "This latest victim of the high street slump has come a little from left-field.
"Orla Kiely had the backing of high profile celebrities and clearly had appeal to the latest generation of shoppers. If this latest news shows anything, it's that there is no magic formula to success."
Orla Kiely is the latest in the series of retailer that have forced to close shop on the UK High Streets. Other high profile retailer closures include Maplin and Toys R Us.
High Street chains like Marks & Spencer, House of Fraser, Carphone Warehouse, New Look and Carpetright have also gone through store closures.
In any event, Orla Kiely is currently part of a major exhibition at the Fashion and Textile Museum in London.
For all our administrations listings, click here. For more news stories about administrations click here.
Two excellent retail spaces with regular client base from creating high quality produce. Superb 3 bedroom family accommodation at one site, 1 bedroom accommodation at second site. Excellent potential to increase revenue from renting the accommodation...
FREEHOLD
An opportunity has arisen to acquire a fast-growing online bathroom and kitchen retailer based in the Midlands. Established in 2005, this business has experienced a steep growth trajectory and is now positioned as a significant and well known online...
Installs, refurbishes and maintains indoor and outdoor swimming pools, alongside selling a wide range of hot tubs, swim spas, saunas and related accessories.
FREEHOLD
|
27
|
|
Jul
|
Tech firm acquires diversity consultancy as buy-and-build strategy gathers pace | BUSINESS SALE
Northeast cognitive disability and mental wellness tech firm...
|
26
|
|
Jul
|
NewRiver REIT completes £222.3m sale of community pubs business | BUSINESS SALE
NewRiver REIT has agreed to sell its community pub business ...
|
23
|
|
Jul
|
Buyer sought as engineering firm Cleveland Bridge enters administration | ADMINISTRATION
Structural engineering firm Cleveland Bridge has fallen into...
Sign up to receive our acquisition alert emails to get your FREE guide
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