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Online fashion retailer saved by pre-pack 20 November 2013

An online designer fashion retailer, Meemi Limited which traded as mywardrobe.com, has been sold out of administration via a pre-pack deal, preserving 48 jobs.

Growth Capital Acquisitions Limited has purchased the business following a period of “continual cash flow pressure and mounting losses”.

Alex Cadwallader and Neil Bennett, directors at Leonard Curtis Business Solutions Group, were appointed joint administrators to Meemi Limited on 18 November 2013.

Cadwallader said: “We have completed the sale as a going concern. The outlook for my-wardrobe.com is extremely positive and we look forward to seeing the business flourish in the future.”

The company was founded in 2006 by Andrew Curran and hired David Worby, former Harrods Direct director as CEO in April 2002, in order to turnaround the companies’ financial losses.

As reported by RetailWeek.com, Worby has stepped down as CEO following the sale.

Despite being originally financed through shareholder investment and loan notes totalling £15.4m since its launch, Meemi Limited was unable to raise additional funding internally or elsewhere.

At the time of the restructure, my-wardrobe.com had over 80 members of staff, offices in London and agencies located in New York, Sydney, Dubai and Oslo.

The 48 jobs saved at the company will include that of fashion director Carmen Borgonovo, former senior fashion editor at Harper’s Bazaar.

Neil Bennett said: “We are working closely with the directors to ensure a smooth transition of the business. The buyer has every intention of honouring customer refunds.”

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