My-wardrobe.com sale: more investment and new structure

Fashion

My-wardrobe.com announced Tuesday it has secured “significant new investment, completed a restructuring and is now set for growth.” Appointed administrators have sold the business to Growth Capital Acquisitions in a pre-pack deal. “We now

face the future with confidence. I am pleased this difficult period is behind us and I am sure this much respected brand will now go from strength to strength. From this secure footing there is much to look forward to in 2014 and beyond,” summarised in a note Andrew Curran, Chief Operating Officer of My-wardrobe.com.

As

per the company´s statement, private investors “have provided the critical new funding to secure My-wardrobe.com’s future. “

Further funding and new structure for My-wardrobe.com

Once the restructuring has been implemented, My-wardrobe.com will continue to operate from its Nottingham base and will retain its buying and merchandising teams in London. These changes won´t affect he customer, as the user´s shopping, delivery and customer service experience will stay unchanged.

Andrew Curran will be leading the transformation, focused on “driving profitability through digital marketing channels, coupled with plans for new and innovative shopping concepts all supported by the financial capital to deliver on the business plan.”

Alex Cadwallader and Neil Bennett, directors at Leonard Curtis Business Solutions, were appointed joint administrators of Meemi Limited, selling on appointment the business to Growth Capital Acquisitions. The pre-pack deal means that the company was marketed and sale lined up prior to going into administration.

Commenting the transaction, Cadwallader said: "We are delighted to have completed the sale as a going concern. The outlook for My-wardrobe.com is extremely positive and we look forward to seeing the business flourish in the future."

Bennett added "We are working closely with the directors to ensure a smooth transition of the business. The buyer has every intention of honouring customer refunds."

My Wardrobe