×
1 868
Fashion Jobs
TK MAXX
Loss Prevention Officer - tk Maxx Bristol
Permanent · Bristol
LONDON CONTOUR EXPERTS
Marketing Executive/Junior Manager
Permanent · LONDON
ESTÉE LAUDER
Tom Ford - Business Manager - Flannels - Fosse Park, Leicester - 37.5 Hours - Full-Time - Permanent
Permanent · Leicester
VF INTERNATIONAL
International Account Coordinator - Ftc 12 Month
Permanent · NOTTINGHAM
TIMBERLAND
Credit Controller - German Speaking - Timberland
Permanent · CALVERTON
THE NORTH FACE
Credit Controller - Italian Speaking - The North Face
Permanent · CALVERTON
THE NORTH FACE
Credit Controller - French Speaking - The North Face
Permanent · CALVERTON
PINKO
Supervisor
Permanent · MANCHESTER
RALPH LAUREN
Operations Manager
Permanent · Cheshire
ESTÉE LAUDER
Clinique - Consultant - Lisburn, Boots - Sprucefield - 30 Hours - Full Time, Permanent
Permanent · Lisburn
ESTÉE LAUDER
Clinique - Consultant - Edinburgh, John Lewis - 37 Hours - Full-Time, Permanent
Permanent · Edinburgh
ESTÉE LAUDER
Clinique - Consultant - Lisburn, Boots - Sprucefield - 30 Hours - Full Time, Permanent
Permanent · Lisburn
ESTÉE LAUDER
Clinique - Consultant - Lisburn, Boots - 30 Hours - Full Time, Permanent
Permanent · Lisburn
ESTÉE LAUDER
Clinique - Consultant - Lisburn, Boots - 30 Hours - Full Time, Permanent
Permanent · Lisburn
ESTÉE LAUDER
Clinique - Consultant - Lisburn, Boots - 30 Hours - Full Time, Permanent
Permanent · Lisburn
ESTÉE LAUDER
Clinique - Consultant - House of Fraser, Maidstone - 15 Hours - Part Time, Permanent
Permanent · Maidstone
ESTÉE LAUDER
Clinique - Consultant - Boots, Princes Street, Edinburgh - 14 Hours - Part Time - Permanent
Permanent · Edinburgh
ESTÉE LAUDER
Clinique - Consultant - Lisburn, Boots - 30 Hours - Full Time, Permanent
Permanent · Lisburn
HUGO BOSS
Wholesale - Senior Sales Executive - Hugo Womenswear
Permanent · London
ESTÉE LAUDER
Clinique - Consultant - John Lewis, Edinburgh - 16 Hours - Part Time, Permanent
Permanent · Edinburgh
SHISEIDO
Marketing Director - Shiseido, Clé de Peau Beauté, Drunk Elephant
Permanent · London
REISS
Buying Admin Assistant
Permanent · LONDON
Advertisements
Published
Sep 24, 2018
Reading time
2 minutes
Share
Download
Download the article
Print
Click here to print
Text size
aA+ aA-

Orla Kiely buyer sought, creditors are owed up to £10m

Published
Sep 24, 2018

Administrators are trying to generate as much value as they can from failed Orla Kiely and are seeking a buyer for the company that collapsed owing millions of pounds.


Orla Kiely failed owing millions to creditors - Fashion and Textile Museum



The firm’s parent company Kiely Rowan announced a voluntary liquidation filing on September 17, closing down its standalone stores, as well as its webstore and wholesale business. But UK company law allows creditors to choose an administration process if they believe that will generate maximum value for them and this is what has happened.

Quantuma has been appointed by Orla Kiley’s creditors and Quantuma partner Christ Newell said that a "significant number" of creditors are owed up to £10 million in total, The Telegraph reported.

“It could potentially still be rescued if someone wants to buy it,” he said. “Nothing is off the table. I would be interested in speaking to anyone that is interested in buying any assets of the company. At this stage we are safeguarding the assets to the benefit of creditors.” 

Those creditors, which include banks, suppliers, retailers, and former employees are unlikely to get all of their money back. And that news was a particular blow to the firm’s staff. They were told the company was closing down last Monday and that they wouldn’t be paid for the previous three weeks so would have to file for redundancy. They were then immediately escorted from the building.

“Our job is to engage with all stakeholders and get the best out of [a] bad situation,” Newell added. “My role is to realise the assets and maximise the returns to creditors as well as investigate the affairs of the company.”

Despite falling profits, the company’s last set of filed results in the spring showed rising sales and that it was profitable, albeit by less than in the prior year.

Analysts have said that the company was over-ambitious in its flagship store strategy and that opening a store in outlet mall Kildare Village suggested it could have been over-producing. It has also been said that its licensing strategy failed to exploit the highest quality opportunities but over-exposed the brand at the same time.

Copyright © 2021 FashionNetwork.com All rights reserved.