Home / Knowledge / News / Retail / Koovs sold by administrators as Indian FLF fails to invest

Koovs sold by administrators as Indian FLF fails to invest

11
Dec '19
Pic: Koovs
Pic: Koovs
British administrators have sold the business and assets of Koovs Plc to SGIK 3 Investments Ltd, an entity owned by the online fashion retailer’s largest secured creditor and chairman Waheed Alli, Koovs said yesterday after its largest shareholder, India’s Future Lifestyle Fashion, failed to invest a further $8.34 million. Koovs said it could not get alternative funding.

A competitive sale process conducted over the past month had also failed, global newswires cited the company as saying.

A company goes into administration in the United Kingdom when it becomes insolvent and is put under the management of licensed insolvency practitioners. The directors and the secured lenders can appoint administrators through a court process to protect the company.

Geoff Rowley and Jason Baker, partners at specialist business advisory firm FRP Advisory, were appointed as joint administrators to Koovs.

Fibre2Fashion News Desk (DS)


Must ReadView All

Pic: Shutterstock

Apparel/Garments | On 29th Oct 2020

Bangladesh restored 40% of cancelled RMG orders: minister

Bangladesh foreign minister AK Abdul Momen recently said the...

Pic: Shutterstock

Textiles | On 29th Oct 2020

Uzbek trade body, Indonesian textile firm mull cooperation

Representatives of the Uzbekistan Textile and Garment Industry...

Pic: Shutterstock

Textiles | On 29th Oct 2020

PRC unofficially boycotts Australian cotton, imports halt

All cotton exports by Australia to China have reportedly stopped...

Interviews View All

Angelina Francesca Cheang, MY ANJE

Angelina Francesca Cheang
MY ANJE

'Consumers in the age-group 21 to 38 are driving the activewear trend'

Top executives, Textile industry

Top executives
Textile industry

Defining MSMEs on the basis of turnover makes it simpler to do business

Top executives, Textile industry

Top executives
Textile industry

RoSCTL is need of the hour

Anupam Arya,

Anupam Arya

<div>Jaipur-based Fabriclore Retailing Pvt. Ltd. is attempting to revive...

Himanshu Jariwala,

Himanshu Jariwala

J Korin started as a partnership firm with four powerlooms in the textiles ...

Martina Giorgetti,

Martina Giorgetti

Italy-based Cibitex is a manufacturer of textile finishing machinery,...

Ray Baughman, University of Texas -Dallas

Ray Baughman
University of Texas -Dallas

<div>A team of scientists and researchers have discovered twistrons,...

Mark Brill, Birmingham City University (BCU)

Mark Brill
Birmingham City University (BCU)

<div>A technological breakthrough could see people getting messages about...

Karl Zelik, Vanderbilt University

Karl Zelik
Vanderbilt University

A team of engineers at the Vanderbilt University has designed a smart...

Bani Batra,

Bani Batra

Bani Batra’s couture wedding collection is inspired by traditional Indian...

Pranav Mishra, Huemn

Pranav Mishra
Huemn

Designers Pranav Mishra and Shyma Shetty’s Huemn is known for its...

Divvya and Nidhhi Gambhir, Walnut

Divvya and Nidhhi Gambhir
Walnut

<b>Divvya and Nidhhi Gambhir</b> started their career with the launch of...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


October 2020

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.


Advanced Search