Sale of designer shares Orla Kiely makes € 75,000

Administrators of the collapsed fashion empire Orla Kiely raised € 75,000 through the sale of the remaining designer products.

The directors organized the direct sale of Ms. Kiely's original items through an ephemeral store as Christmas and three auctions approached.

The details appear in the first report filed with Companies House in the UK by the directors of Kiely Rowan, who ceased operations last September with debts of £ 7.25 million (8, 1 million euros).

Co-Administrator Chris Newell had previously estimated that the sale of shares would generate between £ 45,000 and £ 60,000 (between £ 53,000 and £ 70,000).

He also confirmed that an additional amount of £ 30,000 (€ 35,000) had been collected as a result of the sale of items in the United States that had not been scheduled in the balance sheet of the society.

However, the gains resulting from the achievement of shares exceeding expectations have been virtually canceled. Mr Newell dismissed the possibility of recovering £ 26,000 (£ 30,500) owed by debtors to the company.

Killyon Stem LLP, a connected entity, has entered into licensing agreements with manufacturers on behalf of the brand. The directors of this company should receive a minimum of £ 73,000 (€ 85,800) in royalties.

Mr. Newell indicated that he expected the Killyon Stem LLP administration to pay a payment to the Kiely Rowan plc administration, but that the final amount was uncertain.

Metro Bank, the secured creditor of the company, owes £ 2.15m (€ 2.52m) and Mr Newell said "that it is not expected that the secured creditor will be fully repaid" .

Mr. Newell's colleagues had to help former members of Orla Kiely's staff to obtain payments from the UK's redundancy payments office.

He stated that the "preferential claims" for holiday pay and wage arrears were estimated at £ 97,412 (€ 114,551) and that, to date, preferential claims had reached £ 41,398 (€ 48,684). ).

Unsecured creditors will be left empty handed. Directors currently estimate an badet shortfall of £ 7.3m (€ 8.58m).

Independent Irish