The proposed sale of UK fashion chains Coast, Oasis and Warehouse has been postponed indefinitely. Operated as part of Aurora Fashion Group which is majority owned by the administrators of failed Icelandic Bank Kaupthing, the three brands were expected to realise around £100 million.
The process to find a buyer for the brands’ 750 stores was commenced in November 2016 but, one by one, potential buyers withdrew their interest leaving a solitary interested party, Emerisque Brands which was apparently prepared to complete a purchase for a consideration of around £60 million. Other interested parties had been rumoured to include Philip Day, Foschini, Truworths, and Endless.
The sale to Emerisque was then abandonded as it emerged that the UK based entrepreneur behind Emerisque Brands, Ajay Khaitan, was a person of interest to Interpol which has an international arrest warrant for him in connection with an alleged, disputed fraud in India.
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