Leonard Curtis sell Mywardrobe.com via pre-pack
Administrators sell online women’s clothing retailer mywardrobe.com to Growth Capital Acquisitions
LEONARD CURTIS administrators have sold online women’s clothing retailer MyWardrobe.com through a pre-pack.
Alex Cadwallader and Neil Bennett (pictured), directors at Leonard Curtis Business Solutions, were appointed joint administrators of Meemi Limited. On appointment they sold the business to Growth Capital Acquisitions.
The sale will save all 48 jobs including Carmen Borgonovo, former senior fashion editor at Harper’s Bazaar, who will remain as fashion director.
Cadwallader said: “We are delighted to 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.”
Bennett added: “We are working closely with the directors to ensure a smooth transition of the business. The buyer has every intention of honouring customer refunds.”
A pre-pack is where a company is marketed and sale lined up prior to it entering administration. The whole or parts of a business is then sold immediately on appointment of the administrators.
Since its launched the business as financed through shareholder investment and loans totalling £15.4m. However, due to cash flow pressures and losses the parent company Meemi was unable to raise additional funding.
According to RetailWeek.com the fomer CEO David Worby has stepped down following the pre-pack sale.