Hardy Amies, tailor to the stars, faces bankruptcy
Thursday 02 October 2008
Hardy Amies, the Savile Row tailor, was on the brink of bankruptcy yesterday after a collapse in consumer demand for its range of womenswear. The company announced that it has filed a notice of intention to appoint an administrator, while the search continues for a rescuer.
The company appealed last week for more funds from its major backer, Arev Brands, an investment vehicle which holds a 49.3 per cent stake in the company, but was told there would be no more finance forthcoming. Arev has provided £1.5m in loans since April.
Administration would be a humiliating end for a prestigious brand name whose clients have included the actresses Vivien Leigh and Dame Helen Mirren, and British rock band The Zutons.
The firm's founder, Sir Edwin Hardy Amies, who died in 2003, became famous in 1952 as the man who dressed Princess Elizabeth, as she then was. Three years later he was granted a Royal Warrant.
The brand took on other high-profile clients such as the 1966 England World Cup team and the 1972 British Olympic squad. Sir Edwin shook up his traditional image when he created the futuristic costumes for Stanley Kubrick's 2001: A Space Odyssey, in 1968.
The group now has six outlets across the UK, including a store at Bristol's new Cabot Circus shopping centre. But it has reported losses for several years. In June, it warned that poor womenswear sales would see losses accelerate in the first half of this year and would continue into 2009.
It reported underlying losses of £1.1m in 2007, although this was an improvement on the £1.8m seen the year before.
- 1 Autistic adults could take pure MDMA to 'reduce social anxiety'
- 2 Stolen Instagram photo sells for $90,000
- 3 Before you complain about your GP, this is what you need to know about actually doing the job
- 4 Charlie Charlie Challenge explained: not a Mexican demon being summoned — it's gravity
- 5 Paracetamol Challenge: Mother of girl killed by overdose pleads with teenagers not to take part
Iran launches anti-Isis cartoon competition 'to expose true nature of Islamic State'
'Don't blame all men for rape' campaign backfires spectacularly
Fifa corruption arrests: How Chuck Blazer rinsed money from the beautiful game
Fifa corruption live: Uefa to consider pulling teams from Fifa tournaments if Blatter stays
Ukip MP Douglas Carswell says he felt his safety was 'seriously at risk' after he was surrounded by anti-austerity protesters
EU referendum: David Cameron's rules are a 'democratic disgrace', says French-born Scottish politician set to be denied a vote
The day that Britain resigned as a global power
SNP fury as HS2 finds 'no business case' for taking fast train service to Scotland
Australian man punched in the face for defending Muslim women from abuse on train
A nation of inequality: How the UK is failing to feed its most vulnerable people
David Starkey 'tells Amal Clooney to shut up and stop over-promoting human rights'
iJobs Money & Business
£30 - 35k: Guru Careers: We are seeking a Pricing Analyst to join a leading e-...
£20000 - £25000 per annum + OTE £45K YR1: SThree: At SThree, we like to be dif...
£20000 - £25000 per annum + competitive: SThree: Did you know? SThree is a mul...
£55 - 65k (DOE): Guru Careers: A unique opportunity for a permanent C# Develop...