Iris Fashion Limited (12657100): administration
- Status
- Administration ended
- Administration began
- 2025-04-23
- Administrators
- Daryl Warwick, Lindsey J Cooper
- Administrators' firm
- RSM
- Formerly
- Xbyix Limited
- Incorporated
- 2020-06-09
- Location
- Carlisle
- Industry
- 47710 Retail sale of clothing in specialised stores
Why it went into administration
- Sustained trading losses
From the administrators' statement
The Company was incorporated as XBYIX Limited on 9 June 2020, and on 29 July 2020 changed its name to Iris Fashion Limited. The Company operated a number of womenswear boutiques under the trading name of Iris. Immediately prior to the administration the Company traded from four outlets all located in London.
The Company was initially funded by shareholder loans and was profitable during its first two accounting periods to 31 March 2022, at which time its net assets and shareholder funds amounted to £208,642.
The Company began experiencing financial difficulties during the year ended 31 March 2023 when a loss of £210,915 (on a turnover of £2,834,745) was incurred, which resulted in shareholder funds reducing to a negative £2,273. The financial position deteriorated further during the year ended 31 March 2024 when a loss of £604,803 (turnover £2,578, 141) was incurred and shareholder funds amounted to negative £607,066. The trading losses continued during the current accounting period and the Company’s management accounts for the 10 month period to 31 January 2025 indicated a loss of £762,145 (turnover £2,637,985) resulting in negative shareholder funds of £1,369,211.
Administrators' statement of proposals (2025-05-16) · Companies House register