A popular high street fashion retailer, favored by Kate Middleton, is facing potential administration. LK Bennett has filed a notice of intention to appoint an administrator, indicating a move towards administration and implementing a temporary legal hold to prevent creditor actions for ten days.

This marks the second instance in recent weeks where LK Bennett has taken such action, following a similar notice on December 30. The company has been collaborating with advisors at Alvarez & Marsal during this period.

Founded in 1990 by Linda Bennett, known as the “Queen of the Kitten Heel,” LK Bennett once boasted 200 stores across the UK. However, it currently operates only nine standalone stores and 13 concessions.

In 2008, Ms. Bennett sold the business for around £100 million to a group led by private equity firm Phoenix Equity Partners. Subsequently, LK Bennett was rescued from administration in 2019 by its current Chinese franchise partner, Byland UK. Rebecca Feng, who oversees Chinese operations, now heads the global business from the UK.

Reports suggest that Next has shown interest in a potential deal with LK Bennett, potentially involving brand and intellectual property assets but excluding retail outlets. LK Bennett recorded a post-tax loss of £3.5 million on a turnover of £42.1 million for the period ending January 27, 2024, according to its latest financial statements.

Additionally, Next is reportedly eyeing the acquisition of family-owned shoe retailer Russell & Bromley. The company is working with advisory firm Retail Realisation on this pursuit. Russell & Bromley, established in 1880 by George Bromley and Elizabeth Russell, employs over 450 individuals and is currently led by Andrew Bromley.

Alongside these developments, Next has previously acquired brands like Cath Kidston, Joules, Seraphine, and Made.com.