Fashion label Amanda Wakeley collapses into administration after failing to find a buyer.
Smith & Williamsons’ Clare Lloyd and Colin Hardman have been appointed as joint administrators to the trading vehicle of the British fashion designer, AW Retail Limited.
As with the rest of the fashion industry, the firms store and concessions had not other choice but to permanently close earlier this year. Any trading occurred through its website.
Further working capital investment was required for the company to follow in the direction it strategically desired and unfortunatley the funding was not coming in. Administrators were hired but after a review of all options and trying to find a buyer, there was no success.
Colin Hardman spoke of the situation:
‘’Despite an extensive marketing process, attracting significant interest, and a huge effort from Amanda Wakeley and the company’s staff, it was not possible to find a buyer for the business. The board therefore had to make the difficult decision to place the company into administration.’’
‘’Our principal objective is to maximise realisations for the benefit of creditors. As well as clothing and accessory stock, the business boasts a newly platformed ecommerce site. Whilst a small number of redundancies have regrettably been necessary, Amanda Wakeley and a core team of employees continue to support us with our realisation strategy.’’
Amanda Wakeley was a fashion brand favourite to the Duchess of Cambridge, Princess Diana, Davina McCall and Vogue Williams, among others.
Drapers report more.
Category: What is administration