News

Queen's favourite tailor faces administration

26 September 2008 07:41:00

Hardy Amies, the firm carrying the name of the Queen's favourite tailor, is facing a fight to survive after its major backer failed to come up with expected funds to finance the Savile Row outfitter.

As a result Hardy Amies has suspended trading in its shares on AIM pending clarification of its financial position.

Amies said it has been provided with significant financial support to date in the form of substantial loans from its major shareholder, Arev Brands Limited.

The company recently requested further financial support from ABL to fund ongoing working capital requirements but was told late yesterday afternoon by its major shareholder that it was unable to provide the requisite finance.

Amies'directors are considering the options for the company, which may involve placing Hardy Amies into administration the statement said.

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