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.
Long established double glazing business in operation for over 35 years. Specialise in the supply and installation of quality windows, doors, conservatories, repairs & roofline replacements. Offers invited.
Providing cost-effective and fully refurbished devices to an international client base. Products supplied by the business include smartphones, tablets, smart watches and associated accessories from major international brands such as Apple and Samsung...
FREEHOLD
Very busy convenience store in South Yorkshire. Evidence of turnover and accounting information will be provided at viewing. Offers invited.
LEASEHOLD
|
23
|
|
May
|
Fintech company Loot collapses into administration | ADMINISTRATION
After failing to secure further backing from the Royal Bank ...
|
22
|
|
May
|
Spike in M&A activity in the education sector | BUSINESS SALE
In recent months, the education sector in the UK has witness...
|
22
|
|
May
|
Jamie Oliver restaurant empire collapses into administration | ADMINISTRATION
Celebrity chef Jamie Oliver, who shot to fame after campaign...
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