LK Bennett files for administration
Premium fashion retailer LK Bennett has filed for administration after appointing advisers to look at options for the business.
With the retailer’s 39 stores now facing an uncertain future, the move has put around 500 jobs at risk.
LK Bennett has appointed EY to handle the administration process and 55 people have been made redundant from its head office. In addition, stores have closed at Sheffield’s Meadowhall shopping centre, Bristol, Liverpool and in London’s Brent Cross and Westbourne Grove.
LK Bennett also operates 37 concessions around the UK.
Founded by Linda Bennett in 1990, the company’s clothes have been favoured by the Duchess of Cambridge. Bennett sold her majority stake in the company in 2008 to Phoenix Equity Partners but bought back control in 2017.
EY is now looking for a buyer for the business.
Dan Hurd, joint administrator from EY, said: “Amidst tough trading conditions for retailers, the company has been further impacted by significant rent increases and business rate rises. Linda and the management team therefore made the difficult decision to place the company into administration, to protect the future of the business.”
