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Hardy Amies bought by Li & Fung

Hardy Amies has been bought by Fung Capital Europe, an investment vehicle owned by Hong Kong-based fashion supplier Li & Fung, for an undisclosed sum.

Last month, Hardy Amies fell into administration after major stakeholder Kcaj refused to give further funding for the business. Kroll was appointed as administrator.

The assets sold to Li & Fung's Fung Capital Europe include the Hardy Amies and Norman Hartnell brands, the lease to the Savile Row store in London, and all of the licensing agreements owned by the group.

Kroll said it was unable to secure the sale of the group as a going concern, which will result in the closure of the rest of the Hardy Amies UK stores.

Kroll administrator Peter Saville said: "We believe that the sale of the assets has achieved the best outcome for creditors in the current economic climate. Sadly, the closure of these stores and couture house has meant a number of redundancies have already been made, and we anticipate there will be further job losses as the wind-down progresses. This is yet another example of an iconic British company falling victim to the credit crunch."

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