A third of LK Bennett stores to close after brand’s sale

The news comes after the brand was sold to Rebecca Feng, who runs the brand’s Chinese franchises.

Ms Feng has agreed to buy the business through a new company called Byland UK and the sale includes headquarters, 21 stores and concessions.

It also means 325 jobs will be saved and gift cards, refunds and orders will be honoured.

Ms Feng said: “Under our plan, the business will continue to operate out of the UK, looking to maintain the long-standing and undoubted heritage of the brand.

“This will be achieved through a combination of working with quality British design, and the business’s existing supply chain.”

Ms Feng has worked on the deal with Darren Topp and Andrew Ellis, LK Bennett’s former chief executive and finance director. Both will continue to assist the business.

Sky News reported on Tuesday that Ms Feng was closing in on a deal to buy the brand, which is a favourite of the Duchess of Cambridge and Theresa May.

LK Bennett was ?launched by Linda Bennett nearly 30 years ago, with its founder opening the first store in Wimbledon, promising to “bring a bit of Bond Street to the high street”.

It grew to 200 branded outlets in the UK and overseas markets including China, Russia and the US.

But its US arm filed for bankruptcy last week and the UK arm showed an operating loss of £5.9m in the year ending 29 July 2017.

A much larger loss of £47.9m for the same period was the result of a corporate restructuring that involved writing off amounts owed by former group companies.

It called in administrators from EY last month and five stores were closed soon after, with the loss of 55 jobs.

2019-04-14T12:09:04+01:00By |

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