Hardy Amies facing administration

Savile Row retailer Hardy Amies is facing administration after major shareholders were unable to provide ongoing financial support.

The mens and womens couture fashion house requested that trading in its shares on AIM be suspended with immediate effect pending clarification of their financial position.

"The Company has been provided with significant financial support to date in the form of substantial loans from its major shareholder, Arev Brands Limited ('ABL'). The Company recently requested further financial support from ABL to fund ongoing working capital requirements. The Directors of Hardy Amies were confident that the necessary funds would be forthcoming until late yesterday afternoon, when its major shareholder informed the Company that it was unable to provide the requisite finance" Hardy Amies said in a statement.

www.hardyamies.com