High-end fashion chain LK Bennett has been rescued from administration in a deal that saves 325 jobs but results in the closure of 15 stores and the loss of 110 positions.
The retailer has been bought by Byland UK, a company set up by Rebecca Feng, who operates LK Bennett's Chinese franchises. The sale includes the company's headquarters, 21 stores and all concessions, though the purchase price has not been disclosed.
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.'
The 15 stores not included in the sale will close, and the company's international subsidiaries remain in administration. LK Bennett was founded in 1990 by Linda Bennett and counts the Duchess of Cambridge as a customer. The chain reported an operating loss of nearly £6m in the year to July 2017, and Ms Bennett invested about £11.2m after returning to the business in 2017.
Before entering administration, Ms Bennett emailed staff saying she had 'fought as hard as I can' to turn the business around, but described 'difficult and unstable times'.
