- Huw Hughes
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British retail mogul Philip Day has withdrawn from the race
to acquire UK fashion and accessories brand LK Bennett after it fell into
administration in March.
The British billionaire and owner of the Edinburgh Woollen Mill Group
(EWM) reportedly submitted a last-minute bid for the retailer with
administrators at EY on March 25, just hours before the bidding
deadline.
However, a spokesperson for Day said: “We have now withdrawn our
interest from LK Bennett. Our interest was always limited, and we did not
want to involve ourselves in a bidding war. As a result, we thought it best
to remove ourselves from the process.”
Day has made much of his fortune buying struggling companies and turning
them back to profit, including EWM, Jane Norman, Jaeger and Austin Reed.
Most recently, the British businessman bought discount fashion
chain Peacocks in 2012.
LK Bennett’s administrator EY is expected to announce the bidding
results in the next few days.
Photo credit: LK Bennett, Facebook
