Petra Ecclestone seeks to save style label £4.2m in red

HEIRESS Petra Ecclestone has stepped in to save her fashion label from closure after running up debts of £4.2 million.

In February, she sought to voluntarily dissolve the business, one week after divorce proceedings with her ex-husband James Stunt concluded.

However, Petra, 29, now seems to have had a change of heart and has withdrawn her application to be struck off the register of businesses at Companies House.

‘The directors hereby withdraw the application in which it was requested that the company be struck off the register,’ says a notice at Companies House.

The Formula One heiress launched her designer company Stark at New York Fashion Week in 2011, one month after marrying Stunt in a £12 million ceremony in Italy. To voluntarily dissolve the business would have meant her settling her debts.

In 2008 the mother- of-three launched a men’s clothing company, Form, which went bust after only 14 months.

The inspiration for her second fashion label’s name came after her father Bernie, the billionaire ex-Formula One supremo, said her idea was ‘stark raving mad’ . Petra defiantly went ahead and called it Stark. At the time she said: ‘It’s not about me — it’s not a Petra Ecclestone handbag. It’s a Stark handbag. There’s a huge difference.’

The deluxe handbags and purses, made from python and alligator skin, were priced between £400 and £3,000. In 2015, Petra took time out from the business.

‘Stark was put on hold in the spring of 2015 to allow Petra to focus on being a mother of three young children,’ said a spokesman. ‘ Start- up brands take many years to build.’

Petra returned to her maiden name after the vitriolic divorce proceedings between her and Stunt were finalised. The High Court granted Petra full custody of their children and permission to relocate to the U.S.

Last night Ms Ecclestone declined to comment.