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LK Bennett Saved From Administration

Written by Robert Moore Marketing Manager 14 April 2019

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LK Bennett in Administration Move

Update:

LK Bennett has been saved, but has had to close 15 stores.

Byland UK, a company formed a few weeks ago by Rebecca Feng (LK Bennett's Chinese franchise partner), bought the company, with the purchase of 21 stores, the company headquarters and all concessions. 

''Under our plan, the business will continue to operate out of the UK, looking to maintain the long-standing and undoubted heritage of the brand''.

It is believed the ''quality British deisgn and the business's existing supply chain'' will continue to be used.

Recent Events:

  • 7th March: administrators, EY are appointed and the website shut down - search for new funding

What has happened?

LK Bennett, has 41 stores in the UK and employs 500 people. In their lastest financial accounts they posted a loss of £6m. The company are struggling financially, and looking to close if no new funding can be found. 

Ms Bennett emailed staff and said she had "fought as hard as I can, with all your help to turn the business into the success that I know it deserves to be".

"These are difficult and unstable times, and we are doing everything we can to identify the best way forward," she added.

The Duchess of Cambridge has been a big fan of the brand and so to have been many middle class affluent shoppers.  Ms Bennett was described as the "queen of the kitten heel" - so perhaps Mrs May is a fan too!

Problems on the High Street have been well documented recently with high rents and rates, uncertainty, and increases in minimum wages.

Categories: What is administration

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