Maternity retailer worn by Kate enters administration
Prior to the confirmation that administrators had been appointed, which was first reported by the Financial Times, Seraphine's website was offering discounts on items as big as 60%. Its site now appears to be inaccessible to shoppers.The main job of administration is to save the company, and administrators will try to rescue it by selling it, or parts of it. If that is not possible it will be closed down and all its saleable assets sold.Will Wright, UK chief executive of Interpath, said economic challenges such as "rising costs and brittle consumer confidence" had proved "too challenging to overcome" for Seraphine.Interpath said options are now being explored for the business and its assets, including the Seraphine brand.The retailer's flagship store was in Kensington High Street, London, but other well-known shops, such as John Lewis and Next, also stocked its goods.The rise in popularity of Seraphine, driven in part by Royalty wearing its clothes, led to the company listing on the London Stock Exchange in 2021, before being taking back into private ownership in 2023.Interpath said in April this year, the company "relaunched its brand identity, with a renewed focus on form, function and fit"."However, with pressure on cashflow continuing to mount, the directors of the business sought to undertake an accelerated review of their investment options, including exploring options for sale and refinance," a statement said."Sadly, with no solvent options available, the directors then took the difficult decision to file for the appointment of administrators."Staff made redundant as a result of the company's downfall are to be supported making claims to the redundancy payments service, Interpath added.
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BBC News
16 minutes ago
- BBC News
Electric car purchases will be cheaper, pledges Heidi Alexander
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BBC News
16 minutes ago
- BBC News
After losing Vauxhall jobs, how can Luton bounce back?
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The Guardian
21 minutes ago
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Most people in France, Germany, Italy and Spain would support UK rejoining EU, poll finds
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