Monday, March 14, 2011
Young fashion chain AllSaints, Kevin Stanford was founded in urgent talks with potential investors to raise emergency budget that would allow retail London to ensure its immediate future. In the year to January 2010, sales rose 46 percent to? 132.9m.
Liquidators of two collapsed Icelandic banks raised their stakes in the British online clothing AllSaints-which made its U.S. debut last year and on sale, the Telegraph reported earlier in March.
While most of the retailer's shares owned by the entrepreneur / Karen Millen co-founder Kevin Stanford, who reportedly plans to hold its investments, Kaupthing and Glitnir liquidators had hired Ernst & Young to look for new customers. The case puts the sharp East-London-chic brand, it is estimated? 140 million value (about $ 227 million). "[Icelandic banks] are looking to get out and realize a return on their investment," said AllSaints.
Just a week after the search for potential investors began, Sky TV City editor Mark Kleinman simply shown that AllSaints crew urgently looking for? 100 , to secure their immediate future.
According to Kleiman, Ernst & Young, the accounting firm working on behalf of the liquidators Kaupthing and Glitnir, another Icelandic bank, has asked potential investors to submit proposals to buy a stake in the company until the end of the week . Given that the process of recruiting a new shareholder only started last month, a short time underlines the urgency with which the banks are looking for new capital.
Evaluating the amount of money necessary to ensure the viability of AllSaints "vary, but one person involved in the process told me that he is likely to be among them? 50 and? 100m. Reports last month suggested that E & Y spends quite a benign normal sales process.
The two sides reportedly came up E & Y, to invest in young fashion chain AllSaints were private equity firms Change Capital Partners, TowerBrook Capital Partners and Oaktree Capital. The auditors could find another version of all the faster because the company must build this emergency capital injection of up to? 100 to the end of this week to ensure its long-term future. Many commentators say the retailer, which has more than 60 stores in the UK, has expanded too quickly in a complex and competitive market.