LONDON — Christopher and Tammy Kane have repurchased the company they founded in 2006 and paid back the secured creditor in full, according to administrator FTS Recovery.
FTS said in a brief statement Friday that the siblings acquired the Christopher Kane and More Joy fashion labels, capping a sale process that was revealed last month.
The administrator said it was able to secure a sale immediately “to the original brand founders of all trade names, trademarks and other intellectual property.”
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Marco Piacquadio, director, FTS Recovery, said: “The sale of the assets has managed to ensure repayment in full of the secured creditor, and we anticipate that a distribution will also be made available to the preferential creditors.”
FTS did not provide any more details about the sale process, or the identity of the creditors. Christopher and Tammy Kane declined to comment.
The company’s name has been changed to K Realisations 2023 from Christopher Kane Ltd., according to a separate filing on Companies House, the register of U.K. businesses.
As reported last month, the board of Christopher Kane filed a notice of intention to appoint FTS Recovery as administrators.
In the U.K., a company appoints administrators when it needs to rescue the business, repay creditors and avoid liquidation.
At the time, Christopher Kane Ltd. said the “difficult decision” had been reached to give the company sufficient time to locate potential interested parties who could refinance the company’s existing debt, or purchase the business and assets.
The COVID-19 pandemic has taken a toll on a string of British brands.
As reported earlier this month, The Vampire’s Wife raised fresh funds from existing investors, and confirmed plans to pay the money it owes to U.K. Revenue and Customs, the country’s central tax office. Tax officials had previously issued a winding-up petition for the company which has now been withdrawn.
Luxury lingerie brand La Perla, now based in the U.K., also confirmed that it has raised new funds and paid off outstanding debts that had led to a series of winding-up petitions filed by creditors.
In the U.K., a winding-up petition is a legal notice that creditors file with the courts to establish whether a debtor company is insolvent. It can be a first step on the road to liquidation.
On Friday, Christopher Kane became the latest fashion label to resolve its debt woes. The company continues to trade, although there are no plans to show during London Fashion Week in September.
The Kane siblings have also been selling the fashion collections through Amazon Luxury Stores, and have put a big focus on More Joy, a secondary line offering products ranging from T-shirts and hoodies to eyewear, water bottles and yoga mats.
The More Joy collection inspiration and typeface came from “The Joy of Sex” books, with Kane first using erotic illustrations from the books on marabou-trimmed dresses and tops in his fall 2018 collection.
Last month, the label revealed a glittery, sensual collection for resort 2024.