Bridal shops seem to be the latest “high street casualties” as many stores across the UK have entered into administration. Business at bridal stores has declined over the five years to 2018 with many companies struggling to adapt.
At the tail end of last year, Bridal store Berketex Bride has announced that it had ceased trading and gone into administration. Its 11 outlets in the UK closed in November 2018 after being open for 50 years.
And this year, many more bridal shops have closed across the country, including Glamour Bridal in Bolton and The White Room, in Norfolk.
So what’s causing bridal stores to struggle?
The rise of online competition certainly hasn’t helped. Online shopping has hit brick and mortar shops hard and the bridal industry is no different. Even mainstream clothing retailers such as ASOS and Topshop have brought out their own line of bridal wear offering brides a cheaper and quicker alternative than bespoke dresses which are much more expensive and have longer lead times.
Russell Blackburn, owner and designer of the award winning Blackburn Bridal Couture, Lewisham, said: ”The market has become over saturated, with lots of bridal options especially with the high street.” With so much competition, both on the high street and online, it’s hard for individual bridal brands to prosper.
Changing bridal habits
Millennials get married in fewer numbers and later in life than previous generations. And brides are spending less on their wedding dresses. A new generation of frugal women are now prioritising other milestones, such as housing, and choosing to spend less on their wedding dresses as a result.
Getting help if your bridal shop is in trouble
If your bridal shop is one of many that are struggling in the current climate it’s important to know that you have options at your disposal.
If your shop has debts but you feel like you could pay them back given time, then a Company Voluntary Arrangement (CVA) may be a viable option for you and your company. A CVA is a procedure which enables you to put a formal proposal to your creditors for a composition in satisfaction of your debts.
Alternatively, if you feel like things have gotten too bad, another option is to liquidate your company through a Creditors’ Voluntary Liquidation (CVL). If your insolvent company needs to be liquidated, and you care about your future business reputation, you are far better to Liquidate your company voluntarily with a Creditors’ Voluntary Liquidation (CVL).