Clare Lloyd and Colin Hardman of Smith & Williamson LLP have been appointed as Joint Administrators of AW Retail Limited (‘the Company’), the trading vehicle for British fashion designer, Amanda Wakeley.
The internationally recognised heritage luxury fashion business, renowned for its dresses, bridal and occasion wear, had until recently traded from its Mayfair flagship store, as well as having an established eStore and concessions at prestige department stores.
The Company’s trading performance had suffered due to the current pandemic conditions, in particular at its Mayfair store and its concessions, both of which were forced to close due to lockdown measures. Trading had continued through its eStore and premium teleshopping channels. It needed additional working capital investment to proceed in its intended strategic direction. Regrettably, that funding was not forthcoming. After instructing Smith & Williamson LLP to undertake a review of options, the Company sought to find a purchaser for the business.
Colin Hardman, Joint Administrator and Director at Smith & Williamson LLP commented:
"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."
All enquiries regarding the Company and the sale of its business and assets should made directly to the Joint Administrators by emailing firstname.lastname@example.org or email@example.com.
Amanda Wakeley, Founder and Creative Director, commented:
“During the pre-administration phase, the Company’s staff worked tirelessly with me, and Smith & Williamson, to maximise sales and mitigate the impact of insolvency on the Company’s creditors. To this core team and those who have worked at Wakeley over the years, thank you.
“I am also very grateful for the support and expertise of our leading equity investor who has been a valuable partner since 2012.
“To our customers, many of whom have become our friends, thank you for your loyalty. It is an honour to design for you and I am deeply touched by the many messages of support concerning my family and the business through the crisis.”
By necessity, this briefing can only provide a short overview and it is essential to seek professional advice before applying the contents of this article. This briefing does not constitute advice nor a recommendation relating to the acquisition or disposal of investments. No responsibility can be taken for any loss arising from action taken or refrained from on the basis of this publication. Details correct at time of writing.