British vogue model LK Bennett seems to be on the brink of collapse for the second time in six years after submitting to appoint administrators.
The firm has reportedly submitted an software to the High Court to appoint an administrator, placing round 280 jobs in danger, in accordance to The Guardian.
The transfer suggests the enterprise has failed in its extensively publicised efforts to safe new funding. Earlier this month, LK Bennett employed City advisers to search a purchaser amid mounting considerations over its monetary place.
If administrators are formally appointed, it would mark the retailer’s second insolvency in recent times.
In 2019, LK Bennett fell into administration after its house owners had been unable to safe recent funding. The model was subsequently rescued out of insolvency by Byland UK, an organization established by Chinese franchise companion Rebecca Feng.
Founded in 1990 by Linda Bennett, LK Bennett loved vital worldwide success in its heyday, working greater than 200 shops throughout the UK, the US, China and Russia.
The model was additionally a favorite of the Princess of Wales. Today, nevertheless, its footprint has shrunk dramatically, with simply 9 standalone shops and round 13 concessions remaining.
Financial filings underline the challenges dealing with the enterprise. Accounts for LK Bennett Fashion for the yr ended 27 January 2024 present a publish-tax loss of £3.5 million on turnover of £42.1 million, down sharply from £48.8 million the earlier yr.
LK Bennett has been approached for remark.