Orla Kiely buyer sought, creditors are owed up to £10m

The firm’s parent company Kiely Rowan announced a voluntary liquidation filing on September 17, closing down its standalone stores, as well as its webstore and wholesale business. But UK company law allows creditors to choose an administration process if they believe that will generate maximum value for them and this is what has happened.Quantuma has been appointed by Orla Kiley’s creditors and Quantuma partner Christ Newell said that a “significant number” of creditors are owed up to £10 million in total, The Telegraph reported.

“It could potentially still be rescued if someone wants to buy it,” he said. “Nothing is off the table. I would be interested in speaking to anyone that is interested in buying any assets of the company. At this stage we are safeguarding the assets to the benefit of creditors.” Those creditors, which include banks, suppliers, retailers, and former employees are unlikely to get all of their money back. And that news was a particular blow to the firm’s staff. They were told the company was closing down last Monday and that they wouldn’t be paid for the previous three weeks so would have to file for redundancy. They were then immediately escorted from the building.“Our job is to engage with all stakeholders and get the best out of [a] bad situation,” Newell added. “My role is to realise the assets and maximise the returns to creditors as well as investigate the affairs of the company.”Despite falling profits, the company’s last set of filed results in the spring showed rising sales and that it was profitable, albeit by less than in the prior year.Analysts have said that the company was over-ambitious in its flagship store strategy and that opening a store in outlet mall Kildare Village suggested it could have been over-producing. It has also been said that its licensing strategy failed to exploit the highest quality opportunities but over-exposed the brand at the same time.

Related Posts

First-party PlayStation games to be collected under new PlayStation Studios brand

PlayStation is bringing its first-party games together under one brand at the start of the PlayStation 5 generation, bundling together creations from Sony Interactive Entertainment-owned studios as…

GDC Next speakers address a few failings of modern game design

Developers, get ready: GDC Next 2014 featuring ADC descends upon the Los Angeles Convention Center in less than a month Come from South African Online Casinos . Today…

One Life Left vs. Gamasutra at GDC 2016- Stories! Awards! Pink Pants!

Stories! Awards! Pink Pants! Join One Life Left, Gamasutra and 12 more super special guests as we guide you through the ins-and-outs of GDC 2016. On today's…

Pondering the depths and delights of ‘plunderludics’ in tapecaria

The IGF (Independent Games Festival) aims to encourage innovation in game development and to recognize independent game developers advancing the medium. This year, Game Developer sat down…

Video- Gender in game narrative, and what we lose by ignoring it

"Allowing our industry to continue to be narrow in scope, is economically dumb [and] completely undersells the potential of gaming as a medium." –Leigh Alexander, in a…

Elden Ring- Where To Get Carian Phalanx

If you like taking a defensive-minded approach to your spell-casting in Elden Ring, you’re certainly not alone. The game offers a handful of spells that summon homing…