Mark One fashion retailer in administration
20/11/2008
For the second time this year, Mark One, the fashion retailer, has been placed in administration. Appointed administrators to the 125 stores on Wednesday 19 November 2008 were Neil Bennett and Michael Healy of Leonard Curtis.
Mark One, first launched in 1985 as a value fashion retail business, then trading as Mk One, was sold earlier this year, and, shortly after, the business was placed in administration. Jet Star Retail Limited bought 100 plus stores from the administrators and re-launched the business, subsequently re-branding it as Mark One. Turnover from 24 May - 19 November 2008 was £30.415million.
"This is a business which has suffered under the current particularly difficult trading conditions." commented Mr Bennett. "It is also in severe competition with much bigger rivals such as Primark and the supermarkets. It does however have 125 stores in key high street positions across the country and a loyal client base. We have already received a number of expressions of interest and are continuing to operate the business while we look for a swift sale in order to protect creditors and jobs as far as possible."
With a head office in Acton, West London and a store in Oxford Street, London W1, the remaining outlets are based in town centres across the UK; approximately 1,400 full and part time staff are currently employed.
"We believe that, in spite of current conditions, this is a business that could have a strong future and we look forward to providing that future," concludes Mr Bennett.
