Fashion firm Ness calls in administrators
Fashion and accessories firm Ness has called in administrators following financial difficulties.
Fashion and accessories firm Ness has called in administrators following financial difficulties.
The company is continuing to trade while administrators seek a buyer and the firm's 105 staff are all being retained at the moment.
The firm, based in Henderson Place Lane, Edinburgh, has 10 stores in Scotland and five in England, plus four concessions.
BDO LLP business restructuring partners James Stephen and Matthew Tait were appointed Joint Administrators on Friday December 23.
Mr Stephen said: “Notwithstanding the improving sales trend, with like-for-like sales up 12% over the last 12 months the company experienced working capital difficulties.
“Nevertheless, Ness is a unique brand and remains a highly popular shopping destination for its loyal customer base, in towns across Scotland and England and we are confident of securing a sale of the company as a going concern.
“We have already received expressions of interest and we encourage other interested parties to come forward. The company will continue to trade while a sale is explored and all stores will remain open.
“Shoppers are still able to visit their local store for last-minute Christmas shopping and to take advantage of planned post-Christmas sales beginning on Boxing Day.”
The company employs 105 people based in its head office and chain of outlets.
The administrators said they will continue to trade the company with a view to effecting a sale as a going concern, and encouraged interested parties to come forward.
The first Ness store opened in 1997 at 367 High Street in Edinburgh, according to the firm's website.
It describes itself as a “creative and colourful lifestyle brand, bursting with individual, iconic style” which takes inspiration from Scotland and delivers Scottish heritage into the present day.