A popular high street fashion chain, admired by Kate Middleton, is facing the possibility of going into administration. LK Bennett has taken steps towards appointing an administrator, seeking a temporary legal halt to creditor actions. This move follows a similar notice issued by the company in late December. LK Bennett, founded in 1990 by Linda Bennett, has slimmed down from 200 outlets to nine stores and 13 concessions.
In 2019, LK Bennett was saved from administration by its current Chinese franchise partner, Byland UK, led by Rebecca Feng. Next, a fashion brand, is reportedly eyeing a potential deal with LK Bennett, focusing on its brand and intellectual property assets. LK Bennett recorded a post-tax loss of £3.5 million on a turnover of £42.1 million in its most recent financial year.
Additionally, Next is showing interest in acquiring the family-owned shoe retailer Russell & Bromley. The 145-year-old shoe and bag retailer, with 37 stores in the UK, is being pursued by Next in collaboration with advisory firm Retail Realisation. Russell & Bromley, founded in 1880, has attracted multiple suitors, with Next being a prominent contender. As the situation unfolds, Next’s expansion into the retail market continues, having acquired various brands in recent years.