Li & Fung has bought Primark and Next supplier May Trading

Li & Fung has bought Primark and Next supplier May Trading

Publicly-listed firm by global sourcing giant Li & Fung has bought Primark and Next Plc supplier May Trading Ltd out of administration.

May Trading, which supplies clothing to a number of well-known high street multiples, fell into administration at the end of October after millions of dollars were reportedly stolen from its Bangladesh factory.

Administrators Markowitz, Herbold, Glade & Mehlhaf confirmed that LF Europe, a division of Li & Fung, has acquired certain assets from the liquidators of MA (HK) Limited and from the administrators of May Trading (UK) Ltd. with effect from 4 December. The assets include the existing order book, some finished stock and certain IP rights.

The administrators said: "These assets will form part of LF Europe's private label European Apparel Group (EAG), which already consists of two leading UK apparel companies Visage and Just Jamie, and it will be operating under the trading name May Trading."

A spokesperson for May Trading told just-style: "An update regarding the sale will be provided to creditors in the joint administrators’ report to creditors and statement of proposals, which is due to be sent this month."