Apax portfolio company Morgan calls administrators

Women's pret-a-porter clothing brand Morgan, which is backed by Apax Partners, has gone into administration. Morgan had been under the strain of its EUR30m debt, which it hadn't been able to renegotiate. Apax, which originally entered the company's capital in 1998, holds 40% while the founding families Bismuth and Barouch hold another 40%, and the balance is held by a number of private investors.

The company is expected to announce a 9% drop in turnover for 2008 to around EUR140m. Morgan is present in around 50 countries with 500 shops worldwide as well as 210 concessions in Europe. The retailer has 1,000 employees, 750 of whom are based in France.

Morgan was initially founded in 1967 by Odette Barouch and Jocelyne Bismuth to sell lingerie in Paris. While previously largely anonymous, the late 1980s saw a rebranding of the company which included the current heart shaped logo. The move pushed the company into the fashion mainstream.

At the time of going to press the administrators are looking for a buyer for the business.

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