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Monday, 22 July 2013

Nichole Farhi bought out of administration

Maxine Hargreaves-Adams, the businesswomen who bought collapsed Fenn Wright Manson from Zolfo Cooper in March 2012 has emerged as the buyer of Nichole Farhi which went into administration on July 3rd.

Nichole Farhi and the founder of French Connection set up the business in 1982 and it operates from 6 stores and has numerous concessions in department stores such as Harvey Nichols, House of Frazer, and Selfridges.

The business suffered like many retailers and  made a loss of £5.6m  on £21.7m turnover in the last available accounts.  The firm employed 75 staff across its retail network, and had another 44 staff employed at its headquarters in London.

Peter Saville, partner at Zolfo Cooper, said the acquisition would mean "preserving a well-known retail brand".

Buying a business out of administration is a risky business. See our page on how to buy an insolvent business but it would appear that Maxine, daughter of the Matalan founder, knows a thing or two about retailing.  Presumably the purchase of Fenn Wright Manson has gone well enough for her to come back for more.

Many retailers are surviving by being bought out of administration or even in a pre pack deal.

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