Koovs sold by administrators as Indian billionaire Biyani fails to invest (updated)

Future Lifestyle Fashions

10/12/2019 18:52

(Adds sale of assets, names of administrators)
    Dec 10 (Reuters) - Koovs Plc  KOOV.L  said on Tuesday that
administrators had sold its business and assets to SGIK 3
Investments Ltd, an entity owned by the online fashion
retailer's largest secured creditor and chairman Waheed Alli.
    The company said earlier on Tuesday it would apply to place
itself into administration after its largest shareholder,
India's Future Lifestyle Fashion  FLFL.NS , failed to invest a
further 6.5 million pounds ($8.34 million). 
    Indian billionaire Kishore Biyani's Future Lifestyle Fashion
is part of the country's largest retail firm Future Group.
    Koovs said it could not get alternative funding and a
competitive sale process conducted over the past month to help
continue as a going concern had failed.  urn:newsml:reuters.com:*:nRSJ3872Wa
    Geoff Rowley and Jason Baker, partners at specialist
business advisory firm FRP Advisory, were appointed as joint
administrators to the retailer that is listed on London's junior
market.  urn:newsml:reuters.com:*:nRSJ4307Wa
    "The offer from SGIK 3 Investments Limited to purchase the
underlying business of Koovs in the UK and in India was the best
one we received from a creditors' perspective," Rowley said.
        
($1 = 0.7794 pounds)

 (Reporting by Shanima A and Noor Zainab Hussain in Bengaluru;
Editing by Shinjini Ganguli and Sriraj Kalluvila)
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