Dune reportedly makes last minute bid for LK Bennett

LK Bennett

Dune was reportedly among those to make a last-minute bid for stricken premium fashion and footwear chain LK Bennett this week.

According to Sky News high street footwear chain Dune, which is owned by the Rubin family, lodged its bid, the value of which was not know, with administrator EY along with a number of other unnamed parties. Sports Direct’s Mike Ashley is also said to have tabled an indicative offer.

It is believed EY will make the identity of its preferred bidder known in the coming days, having been appointed as administrator at the start of this month.

LK Bennett was founded by Linda Bennett 30 years ago in Wimbledon Village. She sold a majority stake to Phoenix Equity Partners in 2008 for a reported £100m, though retained a shareholding.

In 2017 she returned to the business and bought out Phoenix, apparently investing £11m of her own money. However the business fell victim to prevailing tough conditions on the high street and having appointed Alix Partners as advisers in February, it was placed into the hands of administrator EY in March.

The chain had 200 outlets in the UK and overseas and in the year ended 29 July 2017, and figures show the business recorded an operating loss of £5.9m. It employs more than 400 staff.

Upon the appointment of EY, five of its 41 UK stores were immediately closed and 55 jobs were lost.