LONDON — London label The Vampire’s Wife has raised fresh funds from existing investors, and confirmed it will pay the money it owes to U.K. Revenue and Customs, the country’s central tax office.
As reported, tax officials had issued a winding-up petition for the company, with a court date set for July 12.
A winding-up petition is a legal action taken by a creditor against a company that owes them money. If a company owes 750 pounds or more, a creditor can issue the petition in court.
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The move is considered to be a last resort to recover debt, and can be a first step on the road to a struggling company’s liquidation.
Last month, The Vampire’s Wife said the funds owed to the tax office were linked to “debt built up as a consequence of lockdown strategies to tackle the pandemic.”
The Vampire’s Wife said the winding-up order had followed a delayed payment earlier this year, and the rejection of subsequent requests by the brand to secure what is known in the U.K. as a “time to pay arrangement.”
At the time, The Vampire’s Wife said it was working with its lenders to find a solution.
On Wednesday, it said: “We are fortunate for the continued support of our shareholders and our wholesale partners, clients and fans of The Vampire’s Wife who have helped and sustained us during this challenging time.”
The Vampire’s Wife isn’t the only London-based brand to have been served with a winding-up petition in recent months. Earlier this week, luxury lingerie brand La Perla confirmed that it had paid off the bulk of its outstanding debts and had a series of winding-up petitions withdrawn.
As reported, sales at The Vampire’s Wife rebounded following the pandemic and the company turned a profit in 2022 after posting a loss of 2.1 million pounds in 2021.
Revenue is forecast to hit 6.6 million pounds in fiscal 2023 on the back of wholesale and direct-to-consumer sales, according to the company.
The latest accounts are due to be filed at Companies House, the official register of U.K. businesses, in September.
The Vampire’s Wife launched in 2015 and was an immediate hit, wooing customers with its lavish fabrics, signature ruffles and gothic charm.
It started as an insiders’ secret and was favored by British fashion editors, models and friends of the brand’s founder Susie Cave, a former model and the wife of musician Nick Cave.
It turned into a global retail hit, with stockists including Matchesfashion, Browns and Dover Street Market.