LONDON - Fashion brand Nicole Farhi has been rescued from administration with businesswoman Maxine Hargreaves-Adams acquiring it
Daughter of Matalan founder John Hargreaves, Hargreaves-Adams bought the retailer for an undisclosed sum weeks after its collapse, blamed on a slump in high street spending. Hargreaves-Adams said the Farhi business was "an iconic and much-loved British brand".
Hargreaves-Adams, who is in her late 40s, has 22 years of retail experience and was head of women's wear at Matalan. She also ran her own boutique for four years.
The retailer has six standalone stores and also sells its clothing in department stores Harvey Nichols, House of Fraser and Selfridges across the UK and while also selling its products online.
The retailer was founded in 1982 by designer Nicole Farhi with then-partner, French Connection boss Stephen Marks. Farhi is now married to playwright Sir David Hare. The business changed hands several times, and collapsed earlier this month under "increased financial pressures".
The firm went into administration earlier this month.
Last year Ms Hargreaves-Adams had bought the Fenn Wright Manson womens wear chain out of administration. FWM has two standalone stores and 31 concessions.
Restructuring specialist Zolfo Cooper was appointed on 3 July to find a buyer for London headquartered Nicole Farhi business, which employed 75 staff across its retail network, and had another 44 staff at the head office.
The sale comprises all six stores, nine concessions in the UK and Ireland and the wholesale and e-commerce parts of the business. One concession has closed since the brand went into administration.
Peter Saville, partner at administrators Zolfo Cooper, said the acquisition would mean "preserving a well-known retail brand".
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