Reviewed: 11th January 2016
Maison Seven, the company behind the online clothing retailer Atterley.com, has called in administrators after failing to secure enough financial flexibility to stay in business.
The company has been backed by the high-profile businessman and former Tesco chief executive Sir Terry Leahy but has failed to raise the funding it required in recent months to support future trading.
Atterley’s business was first established in 2011 by the former Credit Suisse banker Edward David and the designer and fashion buyer Katie Starmer-Smith and it was soon after entered into the highly competitive women’s fashion retailing market in the UK.
The company’s management team of late included former employees of ASOS.com, which has been one of the trailblazers in the online fashion industry and which now has operations and websites established in various countries around the world, including in China, the US, Russia and Italy.
However, Atterley, which traded as Atterley Road until June 2015, has been unable to generate the kind of sales that its founders and management teams have hoped for and a lack of financial backing eventually left it insolvent.
Administrators from KPMG were appointed to derive what value they can from the retailer’s business and assets as of January 5th 2016.
A message posted on Atterley’s website explained that all orders placed via its website prior to its entry into administration have been fulfilled and that no further orders were being taken.
All 12 Maison Seven employees have been made redundant with immediate effect.
“Since Atterley Road’s launch in 2012, the management team at Maison Seven has worked extremely hard to create a brand which appeals to changing and demanding tastes, with high expectations of customer service,” said one of the appointed administrators in a statement.
“Unfortunately the failure to raise additional funding to support future trading has led to the business being placed into administration.”
News of Maison Seven’s decision to call in administrators follows just days after another UK-based clothing retailer in Hawick Knitwear took the same action which led to more than a hundred people losing their jobs. With 72 offices across the UK, you’re never far away from expert and confidential advice.
14th February 2019
The bakery chain business Patisserie Valerie has been acquired out of administration by an Irish private equity firm called Causeway Capital Partners.Read More
13th February 2019
The department store operator Debenhams has secured access to a £40 million credit facility that should help it cope with the pressures of its ongoing funding crisis.Read More