Koovs to appoint administrator
In a formal announcement made today the board of Koovs has resolved to place Koovs plc into administration. The action is understood to follow the failure of Future Lifestyle Fashions Limited, which is part of Future Group, a substantial Indian retail group, to meet a contractual obligation to pay £6.5 million for shares in Koovs, and the inability of the Koovs board to raise the funds elsewhere. Trading in shares in Koovs has been suspended.
It is understood that Koovs founder Waheed Alli is keen to acquire the business and assets out of administration and take the company private and it has been confirmed that he has taken action. The London based brand markets western fashion in India via its website and will now continue to operate.