Fashion brand LK Bennett in race for Christmas saviour

The proprietor of the manner marque LK Bennett is this play racing to find a saviour amid concerns that it could beryllium heading for illness for the 2nd clip successful six years

Sky News has learnt that the covering chain, which was founded by Linda Bennett successful 1990, is moving with advisers astatine Alvarez & Marsal (A&M) connected an accelerated merchantability process.

Industry sources said connected Saturday that A&M had begun sounding retired imaginable buyers and investors successful the past fewer days.

At 1 stage, LK Bennett was among the astir recognisable brands connected the precocious street, expanding to 200 branded outlets successful the UK and overseas markets including China, Russia and the US.

In its location marketplace it present trades from conscionable 9 standalone stores, with a further 13 listed arsenic concessions connected its website.

It was unclear whether a merchantability of the loss-making marque was apt oregon whether LK Bennett's existing backers mightiness beryllium prepared to inject much backing into the business.

Contingency plans for an insolvency are often drawn up by advisers drafted successful to tally accelerated merchantability processes.

The marque is owned by Byland UK, a institution established successful 2019 for the intent of rescuing LK Bennett from a erstwhile brushwood with insolvency.

Byland UK was formed by Rebecca agent, who ran LK Bennett's Chinese franchises.

At the clip of that deal, Ms Feng said: Ms Feng said: "Under our plan, the concern volition proceed to run retired of the UK, looking to support the long-standing and undoubted practice of the brand.

"This volition beryllium achieved done a operation of moving with prime British design, and the business's existing proviso chain."

Accounts for LK Bennett Fashion for the play ended January 27, 2024 amusement the institution made a post-tax nonaccomplishment of £3.5m connected turnover of £42.1m.

The figures showed a steep nonaccomplishment successful income from £48.8m successful 2023.

According to the accounts, LK Bennett paid a dividend of £229,000 "at the commencement of the twelvemonth erstwhile show was doing well".

"Given the diminution successful revenue, the directors bash not urge the outgo of immoderate further dividends."

Ms Bennett founded the eponymous concatenation by opening a store successful Wimbledon, southwest London, successful 1990, and promised to "bring a spot of Bond Street to the precocious street".

Her oculus for plan earned her the nickname 'queen of the kitten heel' and saw her products worn by the Princess of Wales and Theresa May, the erstwhile premier minister.

In 2008, Ms Bennett sold the concern for an estimated £100m to a consortium led by the backstage equity steadfast Phoenix Equity Partners.

She retained a stake, and past bought backmost the remaining equity successful 2017.

The company's medication successful 2019 resulted successful the closure of 15 stores.

It was unclear however galore radical are present employed by LK Bennett.

LK Bennett has been contacted for comment, portion A&M declined to comment.