Tax hike leads to sale of LK Bennett
Footwear, accessories and apparel designer Linda Bennett has announced plans to sell her company LK Bennett.
Speaking in an interview with The Times newspaper, Ms Bennett said that she plans to sell the company immediately in order to hand over the reins to a buyer that can push the company’s future growth, however, a major factor in her decision has also been the UK government’s announcement that it will implement a higher level of capital gains tax at the beginning of the next tax year in April. The new rate would see the tax on any profit of such a sale increase by a staggering 80%.
Having trained in footwear design at Cordwainers College in London, Ms Bennett opened her first store in London in 1990. The company now operates 50 LK Bennett stores.
