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| No rescue for Hardy Amies company | No rescue for Hardy Amies company |
| (31 minutes later) | |
| The firm founded by the former dressmaker to the Queen, Hardy Amies, has called in administrators after a failed rescue bid. | The firm founded by the former dressmaker to the Queen, Hardy Amies, has called in administrators after a failed rescue bid. |
| The company, founded in 1946 by the late Sir Hardy Amies, is appointing Kroll as administrators after its funding remained "unclear". | The company, founded in 1946 by the late Sir Hardy Amies, is appointing Kroll as administrators after its funding remained "unclear". |
| It said: "Until very recently the board was hopeful that funding would be received." | It said: "Until very recently the board was hopeful that funding would be received." |
| The statement said the move had been taken with "regret". | The statement said the move had been taken with "regret". |
| Shares in the Savile Row tailor were suspended two weeks ago when major shareholder Arev Brands Limited was unable to meet a request for further funds. | |
| Until recently substantial finance was provided to the group by Arev, which owns a 49.3% stake in the firm, including £1.5 million in loans since April. | |
| Hardy Amies, which has around 50 staff, has been suffering losses for several years. | |
| Royal Warrant | |
| In June it warned that poor womenswear sales would see losses accelerate in the first half of this year and that they would continue into 2009. | |
| It reported underlying losses of £1.1 million in 2007, although this was an improvement on the £1.8 million seen the year before thanks to a 35% surge in sales. | |
| The group has six outlets across the UK, including a store at Bristol's new Cabot Circus shopping centre. It is also stocked in dozens of stores nationwide, including Harvey Nichols. | |
| War hero Sir Hardy, who died in 2003, founded the firm initially as a men's shop at 14 Savile Row, central London, which is still the group's flagship store. | |
| Hardy Amies was granted a royal warrant in 1955. |