Amanda Wakeley set for liquidation after 2021 administration
Amanda Wakeley’s signature luxury fashion business is finally being liquidated having collapsed into administration last May after failing to secure a buyer or extra funding.
Trading under the name AW Retail, the business operated through a Mayfair, London, flagship store, as well as online and through concessions at high-end department stores.
Clare Lloyd and Colin Hardman of Smith & Williamson (S&W) were appointed as joint administrators after its collapse, saying at the time that the company’s trading performance “had suffered due to the current pandemic conditions, in particular at its Mayfair store and its concessions, both of which were forced to close due to lockdown measures”.
Although trading had continued through its e-store and premium teleshopping channels, S&W said: “It needed additional working capital investment to proceed in its intended strategic direction. Regrettably, that funding was not forthcoming.
“After instructing Smith & Williamson LLP to undertake a review of options, the company sought to find a purchaser for the business”.
The liquidation news was reported by BusinessLive.
Wakeley herself said last May: “During the pre-administration phase, the company’s staff worked tirelessly with me, and Smith & Williamson, to maximise sales and mitigate the impact of insolvency on the company’s creditors. To this core team and those who have worked at Wakeley over the years, thank you. I am also very grateful for the support and expertise of our leading equity investor [AGC Equity Partners] who has been a valuable partner since 2012. To our customers, it is an honour to design for you.”
In an update to creditors in December 2021, S&W said it “had not been possible to secure a going concern sale of the business”.
When the administrators were appointed, 12 non-disclosure agreements were entered into regarding the purchase of stock while nine members of staff were made redundant.
The brand, which was launched in 1990 and was backed by AGC Equity Partners in 2012, had planned to launch into the US in 2021/2022, but the move was put on hold due to the pandemic.
A notice has now been filed with Companies House to move from administration to creditors voluntary liquidation.
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