- Huw Hughes
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UK fashion and accessories brand LK Bennett has entered into
administration, the BBC reports.
In February, Sky News reported that founder Linda Bennett had called in advisers to examine options for the
company nearly 18 months after buying the business back from its
private equity partners.
A message on the brand’s website earlier today indicated that it had
stopped orders.
Founded in 1990, the brand, which has 41 shops and 480 staff in the UK,
was favoured by the Duchess of Cambridge and was well-known for its kitten
heels.
In 2008, Bennett sold a majority stake in the firm for an estimated 80
to 100 million pounds to a consortium led by Phoenix Equity Partners,
before buying back the 45 percent of equity that she didn’t already own in
2017.
LK Bennett the latest UK brand to fall into administration
Last year, LK Bennett reported an operating loss of 5.9 million pounds
for the financial year ending 29 July.
LK Bennett is the latest company to fall victim to the UK’s current tumultuous
retail sector. In the last year, House of Fraser, Coast, and Hardy Amies
also fell into administration.
In January, research by Deloitte found that the number of UK retailers
going into administration in 2018 rose 6 percent from 118 in 2017. Of those
that fell into administration, 26 were large brands – an increase from 17
in 2017.
FashionUnited has tried to contact LK Bennett but has yet to get a
reply.
Photo credit: LK Bennett, Facebook
