The fashion entrepreneur Linda Bennett has become the latest in a string of British entrepreneurs to transfer the ownership of her business to avoid the rise in capital gains tax which came into effect last week.
Bennett, who founded the LK Bennett chain 18 years ago and who has earned the nickname “Queen of the Kitten Heel”, is understood to have engineered the move in the past few weeks. Bennett has been seeking a buyer for her business, which she is thought to value at up to £150m, and talks with prospective bidders are understood to be continuing.
Bennett opened her first store in Wimbledon village in 1990 selling shoes and accessories. Trained in footwear design at Cordwainers College in Hackney, Linda gained experience in the design studio of Robert Clergerie in France. She started out with a handbag label, selling to stores such as Harvey Nichols, before setting up her first store. Fifteen years on, there are over 70 LK Bennett stores offering women affordable glamour with stylish shoes, clothing and accessories designed to bridge the gap between designer and high street.