Chris Pole and Mark Orton from KPMG’s Restructuring practice were appointed Joint Administrators of Lingerie Outlet Store Limited on 3 September 2019.
The Swindon-based company, which employed 26 staff, was founded in 2011 as a specialist online retailer of lingerie, swimwear and active wear, trading via eBay, Amazon and its own website across the UK and internationally, with a strong presence in the USA and Germany.
Immediately following their appointment, the Joint Administrators sold the majority of the business and assets to L F Retail Limited and Book Library Limited. All employees have transferred to the purchasers, who will continue to trade the business from its base in Swindon.
Tim Bateson, Director at KPMG, said: “The Lingerie Outlet Store was a British online retail success story, achieving consistent growth between 2011 and 2018, and winning the ‘Specialist e-Tailer of the Year’ award in 2017. However, the Company experienced a number of challenges in 2019 which put significant pressure on the cash flow of the business and its ability to replenish stock and maintain sales.”
Jas Singh, on behalf of the purchasers, said: “The Lingerie Outlet Store has a strong track record in the online retail space, so we’re delighted to be able to secure this deal. We look forward to working with the team to drive the business forward.”