Escada (UK) Limited in administration
Jane Moriarty and Myles Halley of KPMG were last night appointed joint administrators of Escada (UK) Ltd, a wholly owned subsidiary of Escada AG, the global luxury apparel brand.
The joint administrators then immediately sold the business and assets of Escada (UK) Ltd to Escada UK Subco Limited, the wholly-owned subsidiary of the Mittal Trust which bought Escada AG from the German insolvency administrator on 5 November 2009.
The sale safeguards 44 jobs in the UK. Escada UK will continue to operate out of two leasehold sites (Sloane Street, London and the Gleneagles Hotel, Perthshire) and two concessions (Heathrow Terminal 4 and Harrods, London).
"Given the inseparable nature of Escada UK and Esacda AG, the offer from Mittal Trust represented the best deal for creditors of Escada UK,” said Jane Moriarty.
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For further information, please contact:
Patrick Tooher, Head of Media Relations, KPMG
020 7694 2597/07831 314671
patrick.tooher@kpmg.co.uk
Rachael Halliday, PR manager, KPMG:
0117 905 4373/07747 102909
rachael.halliday@kpmg.co.uk
KPMG Press Office: 020 7694 8773
About KPMG
KPMG LLP, a UK limited liability partnership, is a subsidiary of KPMG Europe LLP and operates from 22 offices across the UK with 11,500 partners and staff. The UK firm recorded a turnover of €2.2 billion in the year ended September 2008. KPMG is a global network of professional firms providing Audit, Tax, and Advisory services. We operate in 148 countries and have more than 113,000 professionals working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International, a Swiss cooperative. KPMG International provides no client services.