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Administrators agree sale of Nicole Farhi 22 July 2013

Luxury fashion and homeware retailer Nicole Farhi has been bought out of administration by Maxine Hargreaves-Adams, the owner of womenswear brand Fenn Wright Manson.

According to administrators, the sale comprises all six stores, nine concessions throughout the UK and Ireland, and the wholesale and e-commerce components of the business.

Peter Saville, Fraser Gray and Anne O’Keefe, partners at restructuring firm Zolfo Cooper, were appointed joint administrators of NF Fashion Limited and NF Acquisitions Limited on 3 July 2013.

Saville said: “We are extremely pleased to have secured the sale of Nicole Farhi to Maxine Hargreaves-Adams, preserving a well-known retail brand.

“We wish Maxine and the company’s employees all the best for what we believe will be a successful future for the business.”

Earlier this month, the administrators announced there had been over 50 “expressions of interest” from potential buyers.

Hargreaves-Adams acquires Fenn Wright Manson in 2012 and invested in UK dress retailer Damsel in a Dress earlier this year.

She added: “I am delighted to announce that we have been able to acquire Nicole Farhi – an iconic and much-loved British brand.”

Hargreaves-Adams is the daughter of Matalan founder John Hargreaves.

Nicole Farhi entered administration following “a decline in high street spend coupled with rising costs”, which had placed increased financial pressures on the business.

The company was sold by previous owners French Connection in 2010 and employs 77 staff across its retail network and another 44 at its London headquarters.

 

 

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