Clements Retail Limited – administration

Clements Retail Limited, a Leicester-based luxury shopfitter which has worked for some of the biggest brands in retail, including Michael Kors and Alexander McQueen, entered administration on 4 October. The company experienced significant financial losses in 2020 and 2021 as a result of reduced demand, project delays and bad debt from customers caused by the pandemic. Although the company cut staff numbers from 69 to 54 and brought in a new chief executive to help execute a turnaround programme, which included the closure and sale of a production facility and the cessation of manufacturing operations, it was ultimately unable to recover. Dean Nelson and Nick Lee of PKF Smith Cooper were appointed Joint Administrators. Hsbc UK Bank PLC and Midland Bank PLC have registered charges against the company.