Koovs PLC Appointment of Administrators and Agreed Sale (4307W)
December 10 2019 - 1:08PM
UK Regulatory
TIDMKOOV
RNS Number : 4307W
Koovs PLC
10 December 2019
10 December 2019
Koovs plc
("Koovs" or the "Company")
Appointment of Administrators, Agreed Sale to SGIK 3 Investments
Limited
Geoff Rowley and Jason Baker, partners at specialist business
advisory firm FRP Advisory, were today appointed as Joint
Administrators to AIM-listed fashion retailer Koovs plc.
Koovs plc entered into administration after Future Lifestyle
Fashion Limited (FLFL), a large Indian retailer, was unable to
deliver on a promised GBP6.5m investment in to the business,
resulting in unsustainable cashflow pressures.
A competitive sale process has been conducted over the past
month in an effort to continue the business as a going concern, but
no viable offers were received.
Following the appointment, the business and assets of Koovs plc
were immediately sold to SGIK 3 Investments Limited, a corporate
entity wholly owned by Waheed Alli.
Geoff Rowley, partner at FRP Advisory, said: "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.
"There is a legal claim against FLFL which will be left with the
administrators to try and recover value. This could potentially see
a return for creditors, including shareholders, and we will provide
an update in due course."
Notes to editors
Media contacts (on behalf of FRP Advisory LLP)
Patrick Tooher
Patrick.Tooher@citypress.co.uk
T : +44 (0)161 235 0341
M: +44 (0)7831 314671
Rory Fletcher
Rory.Fletcher@citypress.co.uk
T: +44 (0)131 516 5654
M: +44 (0)7976 351552
About FRP
http://www.frpadvisory.com
FRP provides a professional and considered approach to problem
solving. With 51 partners and 350 staff operating from 19 offices
across England and Scotland, FRP is one of the UK's largest
independent business advisory firms specialising in corporate
restructuring, corporate finance, forensic services, pensions
advisory and debt advisory. It has a strong reputation and track
record for creating, preserving, and recovering value across a
range of complex situations. Its advisers work at board level, with
investors, lenders, government and regulatory bodies, plus other
professionals and individuals requiring professional support. FRP
provides a wide range of services, as well as specialist industry
experience to enable the delivery of sector specific solutions.
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END
MSCLLFITFRLILIA
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