Maternitywear retailer Seraphine has entered administration, with the majority of its 95 staff being made redundant.
Seraphine had gained major press for being worn by Princess Katherine during her three pregnancies. It was founded in 2002 and has a flagship boutique in Kensington.
The BBC reported that consultancy firm Interpath had confirmed that it had been appointed as administrator. It said that “fragile consumer confidence” had hit sales.
Seraphine’s website is currently protected by a password and appears to not be open to shoppers. Its website was previously offering discounts of up to 60% on its clothing.
In addition to its own business, Seraphine was stocked by retailers including John Lewis and Next.
The brand was publicly listed in 2021 and was valued at £150m ahead of its initial public offering. It was then taken private in 2023 at a 90% discount to its IPO price by private equity firm Mayfair Partners.
“With pressure on cashflow continuing to mount, the directors of the business sought to undertake an accelerated review of their investment options, including exploring options for sale and refinance,” said Interpath in a statement published by the BBC.
“Sadly, with no solvent options available, the directors then took the difficult decision to file for the appointment of administrators.”
No comments yet