frostfrench_rescuedeal.jpgA rescue deal has saved FrostFrench from closure, after its creative directors, Sadie Frost and Jemima French (pictured right), were forced to put their business into administration.

According to Drapers, the pair have managed to save their label's Camden Passage store, but were forced to shut down their King's Road boutique, and temporarily suspend their transactional website, following tough trading.

A new firm, FrostFrench London Retail, has taken over management of the brand, with John Joakim, a Norwegian film producer and property investor, believed to have invested in the label. He has also been appointed to the board of the new company.

The company released the following statement:

"After external investment in FrostFrench in 2006, in which [Jemima French and Sadie Frost] had to relinquish their overall control and influence in the company, a new management team was installed."

"Unfortunately the business under the new management did not trade successfully and as such, the existing FrostFrench company (Frost French Ltd) was placed into administration. Frost and French...relish the opportunity to be fully hands on again."

Recently, the company also faced staff problems after it was accused of racial discrimination against a former employee, and was awarded £5,000 in compensation. Its managing director, Sharon O'Connor then left in May, for reasons unknown.