Online retailer Atterley put into administration and ceases trading
8 Jan 2016
Online womenswear retailer Atterley has entered administration and ceased trading after its parent company, Maison Seven, was placed into administration earlier this week.
Atterley, formerly known as Atterley Road, is currently under the management of court appointed administrators from KPMG insolvency practitioners. All 17 members of staff have been made redundant and the online retailer has ceased trading, although it will honour all orders placed before it went into administration. The news comes after chief executive Sally-Anne Newson revealed to British Vogue the company’s goal of achieving 100 million pounds in saes by 2020 in an interview last year.
“Since Atterley Road’s launch in 2012, the management team at Maison Seven has worked extremely hard to create a brand which appeals to changing and demanding tastes, with high expectations of customer service,” said Blair Nimmo, joint administrator in a statement. “Unfortunately the failure to raise additional funding to support future trading has led to the business being placed into administration.”
Founded by former Credit Suisse banker Edward David and Jigsaw designer/fashion buyer Katie Starmer-Smith in 2011, the womenswear e-tailer managed to raise 2 million pounds in funding from a consortium of investors, including former Tesco CEO Sir Terry Leahy in 2014, but was unable to raise additional funding to continue expanding the business said KPMG.