Dan Hurd, Hunter Kelly, and Craig Lewis of EY’s restructuring team have been appointed joint administrators of fashion retailer L.K. Bennett).
Headquartered in London, L.K. Bennett was founded in 1990 by Linda Bennett. The company employs circa. 500 employees in the UK, across 39 stores, 37 concessions and at its head office. The company’s international operations are not included in the administration process.
EY announced that on appointment it found it has been necessary to reduce employee numbers at the company’s headquarters and to also close five stores – based in Sheffield (Meadowhall), Bristol, Liverpool and two in London (Brent Cross and Westbourne Grove) – resulting in around 55 redundancies.
Dan Hurd, joint administrator said: “Amidst tough trading conditions for retailers, the Company has been further impacted by significant rent increases and business rate rises. Linda and the management team therefore made the difficult decision to place the Company into Administration, to protect the future of the business.”
EY also announced its web sales will be temporarily suspended, to allow the administrators to work with the company’s trading partners, to ensure customer orders can be processed and delivered as usual.
Hurd added: “L.K. Bennett is a strong luxury UK brand, the new season collection was critically acclaimed, and recent trading is up, which we hope will be attractive to prospective buyers.”