TVM Fashion LAB Limited (07022432): administration
- Status
- Administration ended
- Administration began
- 2021-11-02
- Administrators
- Benjamin Dymant, Ian Colin Wormleighton, Daniel Francis Butters
- Administrators' firm
- Teneo
- Formerly
- Fashion LAB Ltd
- Incorporated
- 2009-09-17
- Location
- Birmingham
- Industry
- 46900 Non-specialised wholesale trade
Why it went into administration
- COVID-19
- Cash flow / liquidity pressure
- Property / lease costs
- Parent or group failure
From the administrators' statement
As outlined previously, during 2020, the Group faced significant challenges from the Pandemic, including UK Government enforced lockdowns. This directly impacted TVM as orders from its retail customers significantly reduced whilst the retailers’ stores were forced to close. This, combined with the accelerated structural change in the retail market, led to the Group proposing a restructuring of its business and operations to the
Group’s Lenders and which was based on a sale of GIHCL's equity interest in the brand management businesses to the joint venture partners, a solvent disposal of its European wholesale business to reduce the Group’s debt (“Plan A”) and an operational restructuring.
Whilst material cost cutting was achieved, the Group
Administrators' statement of proposals (2022-01-08) · Companies House register