Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  News  >  Business Leaders  >  All news

Business Leaders

Latest NewsCompaniesMarketsForexCryptocurrenciesCommoditiesInterest RatesBusiness LeadersFinance Pro.CalendarSectors 
HomeAll newsMost read newsBusiness Leaders Biography
Age : 58
Public asset : 266,454,807 USD
Biography : Kishore Laxminarayan Biyani is a businessperson who founded Future Supply Chain Solutions Ltd. and F

Koovs sold by administrators as Indian billionaire Biyani fails to invest

share with twitter share with LinkedIn share with facebook
share via e-mail
12/10/2019 | 01:55pm EST

Koovs Plc 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, 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.

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.

"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.

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

Stocks mentioned in the article
ChangeLast1st jan.
FUTURE LIFESTYLE FASHIONS LTD -2.21% 398.9 End-of-day quote.0.18%
KOOVS PLC 1.59% 3.2 Delayed Quote.0.00%
share with twitter share with LinkedIn share with facebook
share via e-mail
Latest news about Kishore Biyani
 
Prev.4  5  6  7  8   9  10  11  12  13Next