Published: Sat, March 09, 2019
Markets | By Otis Pena

LK Bennett goes into administration

LK Bennett goes into administration

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

Prior to administration, the company had 39 stores, 37 concessions and its head office in London.

EY said that its global operations were not included in the administration process.

L.K. Bennett was founded by Linda Bennett in 1990 as a so-called affordable luxury brand, pitched between high-end luxury designs and mass market fashions.

Last year, Irish designer Orla Kiely closed five retail stores as the fashion brand went into liquidation.

Known for its signature kitten heels and smart daywear, the brand has attracted celebrity fans including the Duchess of Cambridge over its near 30-year history.

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The company's global operations are not included in the administration process, it also said today.

Last summer it emerged that LK Bennett had made an operating loss of almost £6m in the 12 months to July 2017, and its current efforts to review the business come amid a swathe of challenges facing Britain's retailers.

Joint administrator Dan Hurd said: "Amidst tough trading conditions for retailers, the company has been further impacted by significant rent increases and business rate rises".

Patent nude LK Bennett platform courts became a "must have" item in any fashionista's wardrobe when the duchess started wearing them.

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.

According to the most recent available accounts for the company, Ms Bennett invested £11.2million into the group upon her return to ownership.

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