BusinessBusiness RecoveryZolfo Cooper administrators called to Nicole Farhi fashion retailer

Zolfo Cooper administrators called to Nicole Farhi fashion retailer

Peter Saville leads administration of fashion retailer Nicole Farhi which has had three owners in as many years

Zolfo Cooper administrators called to Nicole Farhi fashion retailer

ZOLFO COOPER ADMINISTRATORS have been called to collapsed fashion retailer NF Fashion Ltd, which trades as Nicole Farhi.

The company was founded in 1982 by French fashion designer Nicole Farhi and has five standalone stores as well as ten concessions through the UK and Ireland.

Peter Saville, (pictured) Fraser Gray and Anne O’Keefe, partners at Zolfo Cooper, were appointed joint administrators to NF Fashion Ltd and NF Acquisitions Ltd.

The administrators plan to continue trading the business, which currently employs about 75 staff in retail and 44 staff in its London headquarters, while they seek a buyer.

NF Fashion has had a turbulent few years having been owned by three separate organisations in as many years. In 2010 French Connection sold the company to private equity business OpenGate Capital, which last year sold the retailer to another private equity company Kelso Place Asset Management.

Administrator Saville said: “Nicole Farhi is a very powerful retail brand. Unfortunately, as with many other fashion retailers, the decline in high street spend coupled with rising costs has led to increased financial pressures on the business.

“We are already in discussions with a number of interested parties who value the strength of the Nicole Farhi brand. We intend to continue to trade the business and will be working hard to identify the best possible outcomes regarding preservation of jobs, the value of the business and returns to creditors.”

The administrators have also said that gift vouchers will continue be redeemed at standalone stores.

NF Fashion had revenues of about £11.8m but made an operating loss of about £2.3m for the year ended January 2011, according to its latest Companies House information.

The high street has recently taken a hit with furniture retailer Dwell also collapsing at the end of June, meanwhile Ark, ModelZone and Internacionale are all set to enter an insolvency process this month.

Related Articles

Using insolvency as a debt recovery tool

Business Recovery Using insolvency as a debt recovery tool

4m Emma Smith, Managing Editor
Kingston Smith liquidators to distribute millions to Bond International Software PLC members

Accounting Firms Kingston Smith liquidators to distribute millions to Bond International Software PLC members

10m Stephanie Wix, Writer
SFP sells off Pixel Projects and saves all staff

Business Recovery SFP sells off Pixel Projects and saves all staff

11m Stephanie Wix, Writer
Smith & Williamson appointed administrators of 4Children

Accounting Firms Smith & Williamson appointed administrators of 4Children

1y Richard Crump, Writer
Big Four insolvency specialist joins Gibson Hewitt

Business Recovery Big Four insolvency specialist joins Gibson Hewitt

1y Richard Crump, Writer
Administrators from KPMG appointed to City Motor Holdings

Business Recovery Administrators from KPMG appointed to City Motor Holdings

1y Richard Crump, Writer
Johnston Carmichael appointed as joint administrators for Axon Well

Accounting Firms Johnston Carmichael appointed as joint administrators for Axon Well

1y Stephanie Wix, Writer
Begbies Traynor appointed administrators of William Anelay

Accounting Firms Begbies Traynor appointed administrators of William Anelay

1y Richard Crump, Writer