Nicole Farhi rescued from administration

Hargreaves-Adams has picked up all six standalone stores, as well as Nicole Farhi's nine concessions in the UK and its wholesale and e-commerce arms.

The sale amounted to £5.5m, according to a statement released by law firm Hogan Lovells. Hogan Lovells advised Nicole Farhi's private equity owner, Kelso Place Asset Management, and the company's administrator, Zolfo Cooper, on the sale to Hargreaves-Adams. Advisory and restructuring firm Zolfo Cooper was appointed administrator for the company earlier this month.

Nicole Farhi was acquired by Kelso Place in January last year. The firm took a majority stake in the company from OpenGate Capital, which retained a minority stake. OpenGate had bought Nicole Farhi from French Connection in March 2010, providing £5m in equity for the company.

Hargreaves-Adams has some previous experience in acquiring struggling companies that have been backed by private equity. Last year the businesswoman bought Fenn Wright Manson from Zolfo Cooper after it fell into administration in March 2012. Fenn Wright Manson had been acquired by Darwin Private Equity in October 2010, according to unquote" data.

Nicole Farhi, which is headquartered in London, employs 114 staff and was founded in 1982.

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