Pure Collection to appoint administrators
Pure Collection, the Harrogate-based cashmere and luxe fashion brand, is planning to appoint administrators amid mounting financial losses.
The company, founded in 2002, has filed a notice of intent to appoint an administrator, the Sunday Times reported. The move puts the jobs of more than 200 employees under threat.
The luxury brand blamed the downturn in the retail sector for a significant decline in revenues in the year ended 31 August 2018, down by £3m to £35.5m. This took a toll on the company’s bottom line, with losses for the year deepening dramatically from £72,000 in 2017 to £644,809 a year later.
Pure Collection, which sells cashmere clothing in the UK and the US, hoped to return to profit in 2019 by reducing overheads and maintaining 2018 revenue levels.
Details about the brand’s performance in 2019 have not yet been disclosed, but it’s likely the company had to endure the same kind of troubles that have pushed many retailers over the edge.
The latest UK retail business to file for administration was Beales, the 140-year-old department store chain. Mothercare, House of Fraser, Select, Pretty Green, LK Bennett and Savile Row tailor Hardy Amies have also gone into administration in a devastating 12 months for UK retail.
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