Former Spice Girl Victoria Beckham has seen her fashion business rise from the ashes of an accounting scandal after securing a valuation of £100 million.
Just months ago Beckham’s eponymous fashion label, which trades in two stores in London and Hong Kong and 400 concessions across the UK, was facing administration after failing to file tax paperwork on time for three consecutive years.
The brand reported losses of £4.6 million at the start of the year, having been served with a “notice of compulsory strike-off” from HMRC.
According to The Telegraph, it has now received a vital £30 million investment from Neo Investment Partners who acquired a minority stake in the business in return.
Beckham Brand Holdings, run by Victoria and David Beckham alongside former Spice Girls manager Simon Fuller, retains a controlling stake in the business.
The funds may be used to reduce the company’s significant debts, and according to Beckham will help “enhance our digital and physical retail presence and drive growth in our core categories while expanding into new categories to realise the brand’s full potential”.
Neo Investment Partners is headed by David Belhassen who owns and the bakery chain Paul.