Folli mandates financial advisers to look into sale of UK unit

Folli Follie SA

26/08/2019 09:49

ATHENS, Aug 26 (Reuters) - Greek jewellery maker Folli
Follie  HDFr.AT  has mandated Deloitte and Savigny Partners to
look into the possible sale of its UK-based jeweller Links of
London, it said on Monday.
    Folli has been in turmoil since a hedge fund report in May
last year questioned its accounting. The results of an audit
last month showed that Folli overstated its 2017 revenue by more
than 1 billion euros and the jeweller presented an alternative
restructuring proposal for creditors after a previous one
collapsed. urn:newsml:reuters.com:*:nL8N24H0OW
    The shares have been suspended since, Folli has been fined
by Greece's securities watchdog and founder Dimitris
Koutsolioutsos has resigned. Koutsolioutsos owns a 35 percent
stake in Folli, while China's Fosun  0656.HK  holds 16 percent,
Refinitiv Eikon data has shown.  urn:newsml:reuters.com:*:nL8N1YC5ME
    Folli said on Monday that Deloitte and Savigny Partners'
mandate is to investigate an option to sell Links of London
which "remains in the process of a turnaround plan that the
company continues to support".
    Folli acquired Links of London in 2006. According to Folli's
2016 annual report, Links had over 130 outlets in Europe, Asia
and the Americas.

 (Reporting by Angeliki Koutantou, editing by Louise Heavens)
 ((angeliki.koutantou@thomsonreuters.com; +30 210 3376436;
Reuters Messaging: angeliki.koutantou.reuters.com@reuters.net))