Overview
- The High Court application follows reporting that advisers at Alvarez & Marsal had been running an accelerated sale process to find a buyer.
- Stores and the website continue to trade for now, but the filing signals acute insolvency risk.
- Latest filed accounts to January 2024 show a loss of about £3.2 million, borrowings near £22 million, and revenue of £42.1 million.
- Auditor Grant Thornton flagged material uncertainty over going concern, citing covenant breaches and a bank letter extending facilities only until at least 31 January 2026 without waivers.
- The retailer, owned by backers linked to its Chinese franchise partner Rebecca Feng, employs roughly 280 staff and now operates nine standalone UK shops plus 13 concessions.