Fashion Brand LK Bennett in Race for Christmas Saviour
LK Bennett is currently engaged in an accelerated sale process managed by Alvarez & Marsal, with potential buyers and investors being approached. The process aims to explore whether a sale will proceed or if the brand's backers will inject new funding, with insolvency contingency plans typical in such accelerated sales.
Byland UK owns LK Bennett, having formed in 2019 to rescue the brand from a prior insolvency. Byland UK is linked to individuals who managed LK Bennett's Chinese franchises. Ms Feng, associated with Byland UK, stated that the plan would maintain UK operations and heritage, leveraging British design and the existing supply chain.
Founded by Linda Bennett in 1990 after opening a store in Wimbledon, the brand expanded to around 200 branded outlets globally at its peak but currently operates from nine standalone UK stores and 13 concessions. LK Bennett has had a notable history, including a 2008 sale to a Phoenix Equity Partners consortium for about £100 million, with Bennett retaining a stake and later buying back remaining equity in 2017.
The company entered administration in 2019, which resulted in the closure of 15 stores. Financial accounts for the year ending January 27, 2024, show a post-tax loss of £3.5 million on a turnover of £42.1 million, down from £48.8 million in 2023. At the start of the year, a dividend of £229,000 was paid, though directors did not recommend further dividends.
