The heritage luxury brand traded through its flagship Mayfair store, concessions at various stores and an e-commerce channel.
The company was in need of an additional working capital investment, but it was unable to secure the same. After approaching Smith & Williamson LLP to review its options, it started looking for a purchaser for its business, according to British media reports.
“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,” joint administrator and director at Smith & Williamson LLP Colin Hardman said in a statement.
“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 e-commerce 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,” he added.
“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,” said Amanda Wakeley, founder and creative director of the brand.
Fibre2Fashion News Desk (KD)