Makeup artist Napoleon Perdis has actioned a Deed of Company Arrangement after placing his self-titled beauty brand in voluntary administration in January.
Perdis, who will steer the business as creative director as part of the proposed arrangement, hopes to grow the brand to a level which will allow it to compete globally.
The arrangement will bring the company back under the current director’s control, and allow it to trade as usual, though Perdis will continue to be assisted by administrators at Worrells Solvency & Forensic Accountants.
The plan, Perdis explained, is to ensure that all staff are able to retain their employment, and provide a stronger outcome for creditors and landlords.
“It’s vital to generate a sustainable recovery plan going forward,” Perdis said.
“The restructure will be purpose fit for our current creditors. The world has changed, and we need to put up the deed to make the urgent changes necessary.”
Morgan Kelly, from Ferrier Hodgson, has been appointed to assist in the process.
Administrators at Worrells Solvency and Forensic Accountants confirmed that a number of formal offers for the business had been received, and it will now work with each party to finalise their respective offers.
“We are delighted by all the industry interest, trade performance, partnership and creditor support and the continued enthusiasm of the Napoleon Perdis teams,” said administrator Simon Cathro.
Beauty brand in administration
Perdis announced the beauty brand was going into voluntary administration at the end of January, and closed half of its stores a few days later.
The makeup artist told IR that putting the business into voluntary administration was necessary and liberating.
“It’s about what are the next steps? What are the processes? What do we need to do to ensure that our staff are protected and comfortable, our customer understands the message, and that the brand DNA is maintained?” Perdis said.
Moving forward, Perdis said he wanted to transform the Napoleon Perdis brand into a mobile first, lean operation, which can more quickly react to what customers want.
“This administration process is just going to make sure that we’re going to hone those skills further, and I’m going to make sure that happens,” Perdis said.
“I kind of don’t want to have to worry about [changing] light-bulbs, but I absolutely love the idea of being able to continue on with where I started, which was being a makeup artist and developing a beautiful, clean product.”
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