Saville Row has been hit as hard as anyone by the financial crisis… Gentry take a look at one of it's most revered casualties. 

It became known to the world this week that "the Queen's favourite dressmaker", Hardy Amies, is on the verge of financial collapse. Part of the wider economic meltdown, London's most illustrious style clique is set for hard times.

The venerable establishment situated at No.14 Saville Row, Hardy Amies has suffered somewhat from its risky attempt to modernise its image. The company have gulped down over £1.5 million in loans in the last 10 months and seemed to be stranded somewhere far beyond the end of their over-credited tether.

Often criticised for being dowdy and professorish, Amies took these comments to heart and mistakingly saw more potential profits in taking a contemporary line. However, the public responded poorly, as you might expect After all, if you're after a sports car you pick up a Ferrari, not a Rolls Royce with the back seats removed.

The imminent closure of Hardy Amies should be seen in the wider context of the financial folly that's gripped the juggernauts of high regard in almost every facet of industry and endeavour. Other cloth cutters on Saville Row might well be holding their breath on their chances of survival.

It was revealed this week that over 30% of their annual profits rely on the city boys blowing their Christmas bonuses on swanky suits and coats. Should the self-regarding financiers show the hitherto sheepish aspects of their characters this year, Hardy Amies may just be the first of many collapsing fashion houses. The credit crunch has enough bit in it to unstitch the stitchers.

Perhaps this particular style industry has reached its sell-by-date. Frivolous costs all of a sudden seem too extravagant to justify. It would be a shame indeed if Britain's fashion sense should suffer the sudden cheapening that practically ruined the worth its film, motor and food industries since their glorious days in the sun.

In many ways Saville Row represents everything that's good about what we seem desperate to leave behind. Before long Tesco or some other commercial behemoth will outlaw anything other than value garments to stretch across our ever-expanding frames.

When the purse strings are tightened, it's the emblems of luxuriance that seem to suffer in Britain. On the one hand decadent personal-jet airlines crumble. And on the other, Domino's Pizza register record profits.

When times are hard it seems taste is the first thing to go… paving the way for everything else to follow.

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