Womenswear label The Vampire’s Wife has said that it has settled its debt with the UK tax office via financing from existing investors.
It comes after the British fashion brand was issued with a liquidation petition from the HMRC in June in regards to allegations of unpaid tax bills.
The “winding-up petition” would have allowed courts to close the business for failing to settle outstanding debts.
At the time, the company claimed that the petition came “without prior warning”, and that the HMRC had rejected requests to arrange a payment plan to solve the issue.
Investors help to settle outstanding taxes
In a statement to FashionUnited, the brand has now said: “The Vampire’s Wife are pleased to announce that the company is settling its debt with HMRC, financed by existing investors.
“We are fortunate for the continued support of our shareholders, and our wholesale partners, clients and fans of The Vampire’s Wife who have helped and sustained us during this challenging time.”
It comes after the company reported a 38 percent revenue increase of 5.1 million pounds in 2022, with a forecast to reach 6.6 million pounds in 2023.
Founded in 2014 by Susie Cave, The Vampire’s Wife has garnered a cult following, counting notable retailers such as Selfridges, Harrods and Matches Fashion among its wholesale partners, alongside its own direct-to-consumer website.
The label isn’t the only UK-based brand to be facing such a petition. Earlier this week, it was revealed that lingerie brand La Perla had paid off a portion of its outstanding debt after being issued with four winding-up petitions.
According to WWD, the brand said in a statement that the outstanding debt was due to a “simple timing issue”, with a new business plan believed to have been submitted and approved by the board.