Rebecca Feng, who runs LK Bennett’s Chinese franchises, has bought the UK, Ireland and wholesale business of the premium womenswear retailer, Drapers can reveal.
The sale completed last night after Feng tabled an offer for the business last month under the newly incorporated company Byland UK. Drapers understands that some UK and Irish stores will close as a result of the sale, however, it is not known how many at this stage.
Drapers also understands that Feng will review the purchase of the still solvent European arm of LK Bennett as well as the US arm which filed for chapter 11, a form of administration, last week. A decision will be made in the next eight weeks.
Byland worked with Darren Topp and Andrew Ellis, LK Bennett’s former chief executive and finance director respectively on its bid offer.
LK Bennett appointed Dan Hurd, Hunter Kelly and Craig Lewis of EY as joint administrators of its UK business on 7 March.
The company employs 480 staff in the UK across 39 stores, 37 concessions and its London head office.
In its most recent results, for the year to 31 July 2017, LK Bennett had an operating loss of £5.9m.