High street fashion chains Oasis, warehouse and coast become the target of a takeover by Indian origin entrepreneur sent a warning to Interpol for the financial differences.
Private equity firm Emerisque brands Ajay Khaitan is understood to be in exclusive negotiations on the purchase of the retailer from the Icelandic Bank Kaupthing at £60m the Internet.
Indian authorities have issued a warrant for the arrest of Mr. Khaitan in connection with allegations that he was involved in “submitting fake and fabricated documents”, referring to the nearly 30-year dispute over funding the account. The request Interpol to issue red warnings notice to authorities in other countries seeking his arrest.
The press Secretary to Mr Khaitan said that the case includes a £7,000 claim, which was paid back with interest. He added that the businessman emigrated to the UK 20 years ago and was unable to return to India to visit all of the many hearing in the case has generated, resulting in a warrant.
“No charges were filed and Ajay, in 2015, a British court released him on the grounds that there is no evidence against him,” said the Agency interlocutor.
He added that over the past 15 years, Mr. Khaitan is involved in transactions around the world to save brands like Lee Cooper, Hickey Freeman and HART Shaffner and Marx.
“The track record of Ajay speaks for itself and this is a minor court case has nothing to do with this story”, – he added.
Emerisque is believed to have offered £60m for Oasis, Warehouse and coast, in the negotiations, said “the Sunday times”. The trio has more than 5,000 employees, about 750 stores and concessions.
All three struggled. Hard trade is compounded by rising rents and business courses, especially since they have several outlets in Prime locations, including Oxford street in London.
Latest accounts to companies in the fashion world networks show that the cat has returned to the black with a £1.3 million pre-tax profit, compared with a pretax loss of £10.8 million in the previous year. Oasis posted a flat profit of £6.3 m and the warehouse recorded a loss in the amount of 1.3 million pounds. Emerisque has reportedly said it will maintain an Oasis, despite its poor performance.
Kaupthing refused to comment.
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