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Friday, 29 April 2011

All Saints Close to Sale

According to reports, The private equity group, Lion Capital, which owns La Senza, the high street lingerie brand, Weetabix, and American Apparel is close to acquiring a controlling stake in All Saints, the troubled ladies fashion chain.   All Saints employs 2,000 UK staff, and trades from over 100 locations worldwide and was close to going into administration if it could not secure £65m worth of funding to continue.
It is understood that once the deal is completed Lion will own around 75pc of All Saints, while Goode Partners, the US private equity firm will own 15pc and Kevin Stanford, the chain's chairman, will hold 10pc. The deal is believed to value All Saints at £105m.  The capital injection will secure the future of the chain and in the deal Lloyds Banking Group has agreed to extend its facility of £30m to the company.

The deal is likely to be completed until after the bank holiday.

Blogged by Robert Moore

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