British luxury fashion company Amanda Wakeley enters administration

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British luxury fashion designer Amanda Wakeley’s company, AW Retail, has been placed in receivership. Smith & Williamson LLP was named joint administrator of the company which also reported a small number of job losses. Its business performance suffered from the closure of its store and concessions due to the COVID-19 pandemic.

The heritage luxury brand was marketed through its Mayfair flagship store, concessions in various stores and an e-commerce channel.

The company needed additional working capital investment, but was unable to obtain it. After approaching Smith & Williamson LLP to discuss his options, he began looking for a buyer for his business, according to UK media.

“Despite an extensive marketing process, generating considerable interest and enormous effort by Amanda Wakeley and company staff, it was not possible to find a buyer for the company. The board therefore had to make the difficult decision to place the company into administration,” Colin Hardman, co-director and principal of Smith & Williamson LLP, said in a statement.

“Our main objective is to maximize realizations for the benefit of creditors. In addition to the stock of clothing and accessories, the company has a new e-commerce site. While a small number of redundancies have unfortunately been necessary, Amanda Wakeley and a core team of employees continue to support us in our execution strategy,” he added.

“During the pre-administration phase, company staff worked tirelessly with me and Smith & Williamson to maximize sales and mitigate the impact of the 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 lead equity investor who has been a valued partner since 2012,” said Amanda Wakeley, Founder and Creative Director of the brand.

Fibre2Fashion (KD) News Desk

British luxury fashion designer Amanda Wakeley’s company, AW Retail, has been placed in receivership. Smith & Williamson LLP was named joint administrator of the company which also reported a small number of job losses. Its business performance suffered from the closure of its store and concessions due to the COVID-19 pandemic.

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