The heritage luxury fashion business of British designer Amanda Wakeley has entered administration with a buyer being sought and job losses made.
Clare Lloyd and Colin Hardman of Smith & Williamson LLP have been appointed as joint administrators of AW Retail Ltd.
The company, known for its dresses, bridal and occasion wear, had until recently traded from its Mayfair flagship store, as well as having an established eStore and concessions at prestige department stores.
Smith & Williamson said the company’s trading performance had suffered due to the current pandemic conditions, in particular at its Mayfair store and its concessions, both of which were forced to close due to lockdown measures.
Trading had continued through its eStore and premium teleshopping channels.
However, the firm said: "It needed additional working capital investment to proceed in its intended strategic direction. Regrettably, that funding was not forthcoming. After instructing Smith & Williamson LLP to undertake a review of options, the company sought to find a purchaser for the business."
Amanda Wakeley grew up in Cheshire and was educated at Cheltenham Ladies College.
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Mr Hardman said: "Despite an extensive marketing process, attracting significant interest, and a huge effort from Amanda Wakeley and the company’s staff, it was not possible to find a buyer for the business.
"The board therefore had to make the difficult decision to place the company into administration.
"Our principal objective is to maximise realisations for the benefit of creditors. As well as clothing and accessory stock, the business boasts a newly platformed eCommerce site.
"Whilst a small number of redundancies have regrettably been necessary, Amanda Wakeley and a core team of employees continue to support us with our realisation strategy."
Amanda Wakeley, founder and creative director, added: "During the pre-administration phase, the company’s staff worked tirelessly with me, and Smith & Williamson, to maximise sales and mitigate the impact of 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 leading equity investor who has been a valuable partner since 2012.
"To our customers, many of whom have become our friends, thank you for your loyalty. It is an honour to design for you and I am deeply touched by the many messages of support concerning my family and the business through the crisis."