View source for MK One

{{Short description|British fashion retailer}}{{Expand lead|date=February 2024}}{{For|the song by Radiohead, "MK 1"|In Rainbows}}
{{Infobox company
| name = MK One
| logo = MK One.png
| logo_size = 200px
| type = [[Limited company|Limited]]
| genre =
| fate = Administration; many stores bought by Internacionale
| predecessor =
| successor =
| foundation = 1985<!--  (https://www.telegraph.co.uk/finance/newsbysector/retailandconsumer/2790696/MK-One-founder-buys-stores.html) -->
| defunct = May 2009
| founder = Mark Brafman
| location_city = [[Acton, London|Acton]], [[London]] (HQ)
| location_country =
| location =
| locations = 125 <small>(pre Internacionale takeover)</small>
| area_served = [[United Kingdom]]
| key_people =
| industry = [[Fashion]] [[retail]]
| products = [[Clothing]] <small>(principally women's)</small>
| services =
| revenue =
| operating_income =
| net_income =
| aum =
| assets =
| equity =
| owner = [[Internacionale Retail]]
| num_employees = 800 (approx) (2,500 May 2008)
| parent =
| divisions =
| subsid =
| homepage =
| footnotes =
}}
'''MK One''' was a British [[fashion]] [[retailer]].
== History ==
=== Beginnings as Mark One ===
The company was founded in the 1980s by Mark Brafman, Les Lucy and Alan Simons as '''Mark One''', and became a discount womenswear retailer. In February 1996, Mark One was bought from administration by billionaire [[Philip Green]], future owner of [[British Home Stores|BHS]].<ref>{{cite news |url=http://www.yorkshirepost.co.uk/1299/Lionheart-who-just-keeps-on.1359376.jp |title=Lionheart who just keeps on truckin' |date=2006-02-26 |newspaper=Yorkshire Post |accessdate=2009-02-06}}</ref> [[Shami Ahmed]] had also made a failed bid for the company in 1996. In the end of the 1990s, a change to the firm's logo saw the firm's name begin to be commonly spelled as "MK One".
In July 2003, Green sold most of stake in MK One, whilst keeping 10%, to Elaine McPherson, the managing director, and David Thompson, the finance director.{{citation needed|date=June 2020}}
=== Sale to Baugur ===
In November 2004, the 177 store MK One chain was bought by the [[Iceland]]ic group [[Baugur Group|Baugur]] for £55 million (this included £11 million worth of debts);<ref>{{cite news |url=https://www.independent.co.uk/news/business/news/baugur-to-expand-mk-one-chain-after-pound55m-purchase-533302.html |title=Baugur to expand MK One chain after £55m purchase |work=The Independent |date=2004-11-15 |accessdate=2009-02-06 | location=London | first=Susie | last=Mesure}}{{dead link|date=August 2021|bot=medic}}{{cbignore|bot=medic}}</ref> in February 2009, Baugur itself entered the equivalent of administration.<ref>{{cite news |url=http://news.bbc.co.uk/1/hi/business/7869342.stm |title=Hamleys investor seeks protection |publisher=[[BBC News]] |date=2009-02-04 |accessdate=2009-02-06}}</ref> Les Johnston became chief executive, and Andy Hall became finance director. Johnston and Hall took a 20% stake in the chain, while Baugur, had a 41% shareholding.
The banks Landsbanki and Barclays provided debt, taking 36% of MK One. Arev, a consulting firm, took 3%. McPherson and Thompson left the group. Baugur had planned to expand to chain to around 450 stores. In 2007, the company made losses of £17.4 million.<ref>{{cite news |url=http://business.timesonline.co.uk/tol/business/industry_sectors/retailing/article3857622.ece |archive-url=https://web.archive.org/web/20110612105748/http://business.timesonline.co.uk/tol/business/industry_sectors/retailing/article3857622.ece |url-status=dead |archive-date=June 12, 2011 |title=Baugur sells high street fashion chain MK One |work=The Times |date=2008-05-02 |accessdate=2009-02-06 | location=London | first=Steve | last=Hawkes}}
</ref>
=== Sale to Hilco, administration and sale to Brafman ===
In May 2008, a majority stake in the 170 store company was sold to [[Hilco Capital|Hilco]], a restructuring specialist.<ref>{{cite news |url=http://news.bbc.co.uk/1/hi/business/7380709.stm |title=Invoice worries as MK One is sold |publisher=BBC News |date=2008-05-02 |accessdate=2009-02-06 | first=Joe | last=Lynam}}</ref> Three weeks later in May, Hilco appointed Deloitte as administrators, to find a buyer for MK One.<ref>{{cite news |url=http://business.timesonline.co.uk/tol/business/industry_sectors/retailing/article3981138.ece |archive-url=https://web.archive.org/web/20110612105818/http://business.timesonline.co.uk/tol/business/industry_sectors/retailing/article3981138.ece |url-status=dead |archive-date=June 12, 2011 |title=MK One falls into administration weeks after sale |work=The Times |date=2008-05-21 |accessdate=2009-02-06 | location=London | first1=Steve | last1=Hawkes | first2=Susan | last2=Thompson}}</ref>
The company was sold from administration back to Mark Brafman, its founder, via Jet Star Retail. Bali Singh took over as boss when Brafman left in October, and Singh tried to acquire more funds to allow the business to continue.<ref>{{cite news |url=https://www.independent.co.uk/news/business/news/mark-one-founder-sells-fashion-retailer-months-after-rescue-978578.html |title=Mark One founder sells fashion retailer months after rescue |work=The Independent |date=2008-10-28 |accessdate=2009-02-06 | location=London | first=James | last=Thompson}}</ref> One of the company's suppliers, which had not been paid, started the bankruptcy proceedings. Around sixty of the stores were closed.
=== Administration and sale to Internacionale Retail ===
Deloitte continued to act for MK One's original lenders, but was forced to place MK One into administration with [[Leonard Curtis]]. On 20 November, the 125 store chain entered administration, putting 1,400 jobs at risk. Leonard Curtis said that there had been a number of expressions of interest for the company.<ref>{{cite news |url=http://business.timesonline.co.uk/tol/business/industry_sectors/retailing/article5201764.ece |archive-url=https://web.archive.org/web/20110612105847/http://business.timesonline.co.uk/tol/business/industry_sectors/retailing/article5201764.ece |url-status=dead |archive-date=June 12, 2011 |title=Christmas cancelled at MK One as it collapses |date=2008-11-21 |work=The Times |accessdate=2009-02-06 | location=London | first=Helen | last=Power}}</ref>
On 25 November, eighty stores were sold by administrators (Neil Bennett of Leonard Curtis) to [[Internacionale Retail]].{{citation needed|date=June 2020}} The textiles group from [[India]], [[S. Kumars|S. Kumars Nationwide]], purchased [[Glasgow]] based Internacionale earlier in May 2008.<ref>{{cite web|url=http://www.dnaindia.com/money/report-s-kumars-acquires-scottish-fashion-chain-1168463|title=S Kumars acquires Scottish fashion chain|publisher=www.dnaindia.com|date=3 June 2008|accessdate=2 August 2017}}</ref> The head office in [[Acton, London|Acton]], west [[London]], was closed. By May 2009, all MK One stores that were purchased by Internacionale had been rebranded under that firm's name.<ref>[http://www.internacionale.co.uk/index.php/company-profile-internacionale Internacionale company profile, including reference to takeover of MK One stores] {{webarchive|url=https://web.archive.org/web/20090130041243/http://www.internacionale.co.uk/index.php/company-profile-internacionale |date=2009-01-30 }}</ref>
== References ==
{{reflist|30em}}
[[Category:Clothing retailers of the United Kingdom]]
[[Category:British companies established in 1985]]
[[Category:Retail companies established in 1985]]
[[Category:Retail companies disestablished in 2009]]
[[Category:Defunct retail companies of the United Kingdom]]
[[Category:1980s fashion]]
[[Category:Companies based in the City of London]]
[[Category:Acton, London]]