High-end fashion chain LK Bennett has been bought out of administration saving 325 jobs however, they are closing 15 stores – 110 jobs will be lost.
LK Bennett has been bought by Byland UK which was set up by Rebecca Feng who runs the companies Chinese franchises. The sale includes the company’s headquarters, 21 stores and all of its concessions, The amount paid has not been disclosed.
Dan Hurd, a joint administrator, said: “With an established, luxury UK brand, the company received offers from a number of parties.”
Ms Feng said: “Under our plan, the business will continue to operate out of the UK, looking to maintain the long-standing and undoubted heritage of the brand.
“This will be achieved through a combination of working with quality British design, and the business’s existing supply chain.”
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The UK stores not included in the sale and which will now close are:
- Bath
- Belfast
- Birmingham
- Bridgewater, Banbridge
- City, Royal Exchange, London
- Glasgow
- Gloucester
- King’s Road, London
- Knightsbridge, London
- Long Acre, London
- Northcote Road, London
- St Albans
- Westgate Oxford
- York
- York Outlet
LK Bennett was founded by Linda Bennett in 1990 and the Duchess of Cambridge is one of the many customers. LK Bennett is known for its signature kitten eels and smart day-wear. Ms Bennet sold her majority stake in the chain to private equity firm Phoenix Equity Partners in 2008 but in 2007 returned to advise the business after it started to struggle, she ended up buying the company back.
The chain had a loss of £6 million in the year to the end of July 2017. Ms Bennett invested about £11.2m into the business.
55 jobs have already been cut after five stores closed immediately after it announced administration.
