My-wardrobe.com sold in pre-pack administration deal
Administrators to online fashion retailer my-wardrobe.com have sold the business in a pre-pack administration deal.
Alex Cadwallader and Neil Bennett of Leonard Curtis Business Solutions Group, were appointed as joint administrators to Meemi Limited late on Monday and immediately sold the business to Growth Capital Acquisitions Limited. The move will save 48 jobs.
Since its launch in 2006, my-wardrobe.com has been financed through shareholder investment and loan notes totalling £15.4 million. However continual cashflow pressure and mounting losses meant that Meemi Ltd was unable to raise additional funding internally or elsewhere.
Commenting on the sale Cadwallader said: “We are delighted to have completed the sale as a going concern. The outlook for my-wardrobe.com is extremely positive and we look forward to seeing the business flourish in the future.”
Bennett added: “We are working closely with the directors to ensure a smooth transition of the business. The buyer has every intention of honouring customer refunds.”
