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Next, the FTSE-100 retail behemoth, is among a battalion of suitors considering a caller twelvemonth swoop to bargain LK Bennett, the struggling manner retailer.
Sky News has learnt that Next is weighing a cut-price connection to bargain LK Bennett's marque and different intelligence spot assets arsenic it prepares to telephone successful administrators.
Retail manufacture sources said that Next was improbable to prosecute immoderate connection involving LK Bennett's tiny property of retail outlets.
Marks & Spencer and TFG London, the radical which owns Phase Eight, White Stuff and Hobbs, were besides among the parties expected to see an acquisition of the ailing brand.
An connection from Next would reflector its strategy of acquiring distressed retailers successful caller years.
It has bought brands specified arsenic Cath Kidston, Joules and Seraphine, the maternitywear retailer, portion it is presently examining the acquisition of family-owned footwear retailer Russell & Bromley.
LK Bennett filed a announcement of volition to name administrators earlier this week, 10 days aft Sky News revealed that the institution faced illness arsenic it urgently sought a buyer.
Founded by Linda Bennett successful 1990, LK Bennett has been moving with advisers astatine Alvarez & Marsal (A&M) successful caller weeks.
At 1 stage, LK Bennett was among the astir recognisable brands connected the precocious street, expanding to 200 branded outlets successful the UK and overseas markets including China, Russia and the US.
In its location marketplace it present trades from conscionable 9 standalone stores, with a further 13 listed arsenic concessions connected its website.
The marque is presently owned by Byland UK, a institution established successful 2019 for the intent of rescuing LK Bennett from a erstwhile brushwood with insolvency.
Byland UK was formed by Rebecca Feng, who ran LK Bennett's Chinese franchises.
At the clip of that deal, Ms Feng said: Ms Feng said: "Under our plan, the concern volition proceed to run retired of the UK, looking to support the long-standing and undoubted practice of the brand.
"This volition beryllium achieved done a operation of moving with prime British design, and the business's existing proviso chain."
Accounts for LK Bennett Fashion for the play ended January 27, 2024 amusement the institution made a post-tax nonaccomplishment of £3.5m connected turnover of £42.1m.
The figures showed a steep diminution successful income from £48.8m successful 2023.
Ms Bennett founded the eponymous concatenation by opening a store successful Wimbledon, southwest London, successful 1990, and promised to "bring a spot of Bond Street to the precocious street".
Her oculus for plan earned her the nickname 'queen of the kitten heel' and saw her products worn by the Princess of Wales and Theresa May, the erstwhile premier minister.
In 2008, Ms Bennett sold the concern for an estimated £100m to a consortium led by the backstage equity steadfast Phoenix Equity Partners.
She retained a involvement and past bought backmost the remaining equity successful 2017.
The company's medication successful 2019 resulted successful the closure of 15 stores.
Next declined to comment, portion M&S has been contacted for comment.
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