Economy

Norwich retailer LK Bennett enters administration

Norwich retailer LK Bennett enters administration”

The business said last week it was having difficulties and was eyeing EY as a possible administrator if it could not secure new financing.

The company, founded by entrepreneur Linda Bennett in 1990, made.

In a statement, Dan Hurd, joint administrator said: 'Amidst tough trading conditions for retailers, the Company has been further impacted by significant rent increases and business rate rises.

In a statement this afternoon, EY said: "A sale process for the business has commenced".

United Kingdom fashion and accessories brand LK Bennett has entered into administration, the BBC reports.

Stores will remain open in the meantime, but the company's website has been temporarily suspended.

The fashion retailer, known for its smart daywear, attracted celebrity fans over its near 30-year history, including the Duches.

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.

Meanwhile, House of Fraser, which stocks the LK Bennett brand, went into administration past year before being bought out by Sports Direct tycoon Mike Ashley.

"There are two stores included in the administration in Northern Ireland".

Bennett invested £11.2m into the company upon her return, according to recent available accounts.

Shoppers at LK Bennett claim its clothes became too expensive once Kate Middleton started wearing them, beginning the downfall of the high-end high street fashion brand.

Upmarket women's footwear retailer LK Bennett has collapsed into administration, in the latest sign of industry trouble on the high street.

We're hoping for the best here.



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