Administration news and archive

Joules collapses into administration

Lifestyle retailer Joules on Wednesday collapsed into administration. Earlier this week it called in Wright, Ryan Grant and Chris Pole from Interpath Advisory to explore possible business options, including selling the company. While the retailer’s 132 stores across the UK are poised to stay open during the process, there has been no...

Business | Featured

TM Lewin falls into administration for second time in two years

British menswear retailer TM Lewin has fallen into administration for the second time in less than two years. The company, founded over 120 years ago in London, has appointed Will Wright and Chris Pole from Interpath Advisory as joint administrators. Like many formalwear retailers, TM Lewin was hit hard during the pandemic by store closures and...

Business

Steptronic falls into administration

Men’s footwear brand Steptronic has fallen into administration and appointed business advisory firm Kroll as administrator, following supply chain issues. The British brand, based in Rushden, Northamptonshire, named Kroll joint managing directors Jimmy Saunders and Michael Lennon as joint administrators of the brand on March 9. They will market...

BusinessFeatured

British fashion label Amanda Wakeley falls into administration

British fashion designer Amanda Wakeley’s eponymous label has fallen into administration after failing to find a buyer, becoming the latest casualty of the Covid-19 pandemic. Joint administrators from Smith & Williamson LLP said the company’s trading performance “suffered” due to the pandemic, in particular at its Mayfair store and concessions...

Business

Ralph & Russo likely to be bought by Gulf investor

Ralph & Russo, the British haute couture house that went into administration last month, is likely to be bought by a Gulf-based owner. Several buyers from UAE and Qatar are thought to be bidding for the British dressmaker, according to Arabian Business. The fashion house, a favourite amongst a Middle Eastern clientele, has boutiques in both...

BusinessFeatured

New audit rules could prevent companies like BHS and Arcadia Group from administration

After several high profile company collapses - from BHS to Arcadia to Debenhams - new audit reforms and corporate governance is meant to avoid company failures and safeguard British jobs in the future. The proposed reforms would break up the dominance of the “big four” audit firms and strengthen the UK’s position as a world-class destination for...

BusinessFeatured

Vanners bought out of administration

Sudbury-based textiles manufacturer, Silk Industries that trades as Vanners, has been bought out of administration by businessman Roger Gawn. Vanners, which develops and manufactures silk fabrics and products for the luxury menswear, fashion and furnishing markets, fell into administration on November 9, 2020. Silk Industries appointed James...

BusinessFeatured

Cath Kidston secures future with “digital-led” approach

British retailer Cath Kidston, known for its vintage prints and cutesy florals, has secured the future of its e-commerce platform, and franchise and wholesale businesses, while leaving its store estate facing permanent closure. The management team of Cath Kidston confirmed in a statement that “parts of the business” have been transferred by...

RetailFeatured

Debenhams, the end of an era (and 22,000 jobs)

On 9 April 2019, Debenhams entered Administration, spelling the end of nearly 250 years of trading, 220 stores and the employment of 22,000 people. Once a pillar of the high street, Debenhams boasted a proud British heritage that began in 1773 selling luxury fabrics on London’s Wigmore Street in Marylebone. By 1950 it prospered to become the...

Retail

Debenhams to file for administration

Debenhams is to file for administration after the struggling retailer saw its UK stores shut due the government-enforced retail closures as part of the Covid-19 safety precaution. Navigating a debt of 600 million pounds, last year Debenhams was rescued by lenders when it collapsed into administration in April 2019. After multiple outlet closures...

Business

House of Holland enters administration

House of Holland, once a staple at London Fashion Week, has entered administration, following news earlier this week that founder and creative director Henry Holland was stepping down from the label to become a brand consultant. Management consultancy firm KPMG has confirmed that Will Wright and Steve Absolom from its restructuring practice were...

BusinessFeatured

Rise in companies falling into administration in 2019

Store closures and companies falling into administration increased by just under 5 percent over 2019, according to new analysis from KPMG. A study of notices in the London Gazette shows that a total of 1,403 companies went into administration during 2019, compared to 1,341 in the previous year. The rise was driven by a spike in insolvencies in...