Wade Smith In Administration

Liverpool retailer Wade Smith, one of the UK 's most influential independent stores, has gone into administration following a decision by its bank to fund the business. Owner Robert Wade-Smith told Drapers Record last week "He was determined to buy back the business, that he wasn't beaten yet, and is in talks with stakeholders to try to salvage the company."

The business, which had been going for 23 years, faced tough trading conditions in recent times and the due opening of the of the Met Quarter scheme could possibly affect its sales even further. After closure of its athletic store and closing its womens apparel division, the company's balance sheet was duly weakened.

Wade Smith was started in 1982 as a footwear independent selling imported Adidas trainers. It expanded was was bought by Arcadia for £17.3 million in 1998. Wade-Smith bought back the business for £7m in 2001 and has since focused on reshaping the business into a menswear-only department store. Accounts at Companies House reveal that the business had a turnover of £15m in 2004, but pre-tax profits were only £255,000.