Fashion brand Roland Mouret is said to be close to the administration
Thu Sep 30, 2021 | ADMINISTRATION
According to some reports, the fashion brand Roland Mouret is about to enter the administration. Stakeholders at 19RM, which operates under the Roland Mouret name from its London store and through a range of dealers, are said to be in talks on options for the company, one of which would be insolvency .
A joint statement from the company’s investors said: “The shareholders have worked and continue to work with the management of Roland Mouret to agree on a way forward for the company.”
It is believed that there is a chance that the company can still be saved from entering the administration.
The fashion industry has been hit hard by the COVID-19 pandemic in many ways, with many mid-range brands hit by big box store closures and more luxury brands suffering from the decline in official events during closings.
Earlier this year, high-end dressmaker Amanda Wakeley, well known for her bridles and formal wear, fell under administration. Last month, meanwhile, Roland Mouret himself predicted that his company would take five years to recover from the impact of the pandemic.
Investors in 19RM include media group XIX Entertainment and The Grosvenor Estate, which invested in the company last year through a new fund to help tenants weather the challenges posed by the COVID-19 pandemic.
The brand’s clothes have been worn by many famous people, including the Duchess of Cambridge, the Duchess of Sussex and actress Scarlett Johansson.
In its most recent accounts at Companies House, for the fiscal year ended December 29, 2019, 19RM reported revenue of £ 16.09million, up from £ 16.68million in 2018. However, the company posted an after-tax profit of almost £ 950,000, following a loss of almost £ 2.5million a year earlier.
At the time, the company’s fixed assets were valued at £ 725,584, with £ 7.7million in current assets. The company owed its creditors nearly £ 5.1million in one year, leaving it with current net assets of £ 2.69million.
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