Nicole Farhi Goes Into Administration

Administrators have been appointed following the collapse of luxury fashion chain Nicole Farhi.

Restructuring specialists Zolfo Cooper confirmed the news, following a turbulent few years for the clothing, accessories and homewares retailer which was founded in 1982 by the designer Nicole Farhi.

The administrator said that it intended to find a buyer for the chain, which employs 114 staff across its head office and store network.

It would continue to operate as normal for the moment, the statement confirmed.

Peter Saville, partner at Zolfo Cooper added: "Nicole Farhi is a very powerful retail brand.

Nicole Farhi collections were popular at the top fashion shows

"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. As this work continues we will make further announcements as appropriate."

Zolfo Cooper confirmed customers in possession of gift vouchers could continue to exchange them for goods as normal in any of Nicole Farhi's standalone or concession stores while anyone seeking refunds would be permitted to exchange their goods in-store though cash refunds would not be provided.

In addition to its flagship store on Conduit Store in London's Mayfair, Nicole Farhi has five standalone stores, ten concessions throughout the UK and Ireland, a website, and significant wholesale presence.

But it has been passed among a number of different owners and leading management figures in recent years at a time of consumer spending restraint.

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