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Mikey in administration

Accessories business Mikey has gone into administration.

Mikey has appointed restructuring specialist BDO Stoy Hayward to find a buyer for the company.

The fashion accessories business was bought from administration in 2006 by former New Look director Alan Wood.

Wood told Drapers that Mikey's three stores have ceased to trade and that around 100 jobs had been lost. "I feel really sad about what's happened and we're going to see a lot more businesses enter administration," said Wood. "Banks have been really tight with their cash."

It is unclear what will happen to Mikey's eight concessions.

In February, Wood put the business up for sale with a price tag of £7.5 million.

According to accounts filed by Mikey's parent company Amaranth Accessories, Mikey made a loss of £111,217 for the six months to January 31 2007.

Readers' comments (1)

  • I ran the wholesale business at Mikey from 2001-2005, and I find it quite sad that the company has run once again into such big problems. I can remember when the company was running on all cylinders, having fun, and creating beautiful product. I feel for Michael as this was his baby from day one, and I highly doubt you would find a more passionate person about their business than Michael was with his. Hopefully the right person will come along, re-evaluate the business properly for todays climate, and restore the glory that once was.

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