Some 480 jobs may be at risk as high end fashion retailer LK Bennett has appointed audit firm EY as its administrator while the company seeks funding.
As reported by Sky News, if the chain doesn’t gain access to investment in the next few days it will be forced into insolvency. Sky News City editor Mark Kleinman tweeted that the collapse of the retailer would be a “huge disappointment” to its founder and owner, Linda Bennett.
Exclusive: Nearly 500 jobs at risk as the fashion retailer LK Bennett files a notice of intention to appoint administrators. EY will oversee the insolvency if no new investment can be found in the coming days. Move will be huge disappointment to founder and owner Linda Bennett.
— Mark Kleinman (@MarkKleinmanSky) March 1, 2019
Bennett was drafted back in as a consultant in 2017 to the company after she sold a controlling stake in 2008. The business began to struggle and Bennett bought back it shortly after, investing roughly £11.2m into the company.
LK Bennett has 41 stores and 480 staff in the UK as well as a number of shops and concessions across the world. Duchess of Cornwall Kate Middleton is one of the company’s most notable customers.
In its most recent published financial results, LK Bennett reported an operating loss of £5.9m in the year to the end of July 2017.