Administrators from Zolfo Cooper have announced the successful sale of NF Fashion Ltd and NF acquisitions Ltd, the businesses making up high end brand Nicole Farhi, to Maxine Hargreaves-Adams, a fashion retail entrepreneur.
Peter Saville, Fraser Gray and Anne O'Keefe, partners at Zolfo Cooper, were appointed joint administrators to the luxury women's designer clothing and homeware chain earlier this month, after it experienced financial difficulties caused by increased competition from lower-cost brands. They have now sold all six stores, nine concessions throughout the UK and Ireland and the wholesale and e-commerce parts of the business to Hargreaves-Adams.
Peter Saville, joint administrator and partner at Zolfo Cooper said: 'We are extremely pleased to have secured the sale of Nicole Farhi to Maxine Hargreaves-Adams, preserving a well-known retail brand. We wish Maxine and the company's employees all the best for what we believe will be a successful future for the business.'
Hargreaves-Adams, the daughter of John Hargreaves, founder of the value fashion retailer Matalan, described Nicole Farhi as 'an iconic and much-loved British brand.'
The purchase joins a portfolio which includes womenswear brand Fenn Wright Manson acquired in 2012 and Damsel in a Dress which Hargreaves-Adams invested in earlier this year.
In a separate administration, premium bathroom products manufacturer Silverdale (Bathrooms) Ltd has failed to find a buyer and closed with the loss of 26 jobs. Matt Ingram and John Whitfield of Duff & Phelps were appointed joint administrators of the Newcastle-Under-Lyme based company last month and had continued to trade the business whilst seeking to conclude a going concern sale.
Matt Ingram said: 'However, with administration comes uncertainty and this was evident as customers understandably waited to see the outcome of the administration before committing to significant orders. The resulting loss of turnover meant that the business was incurring unsustainable losses, which left us with no option but to close the doors.'
