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Kcaj secures restructuring deal

Icelandic investment fund Kcaj, which has stakes in Jones Bootmaker, Mountain Warehouse, Cruise and Duchamp, has agreed a restructuring deal with its creditors to prevent it from falling into administration.

The restructuring package was finalised at the end of last week with Kcaj’s three main creditors; Askar Capital and Icelandic investment banks VBS and Straumer.

Askar Capital managing director of corporate finance Bjarki Brynjarsson said: “We have reached an agreement, the fund is in good shape. We are now working on each company to maximise the value.”

It remains unclear whether Kcaj’s shareholdings in its retail companies will be sold off. It has minority stakes in Jones Bootmaker and Mountain Warehouse.

Representatives of Milestone-owned Askar Capital, which effectively manages Kcaj and its investments, had been locked in talks with Deloitte since last month to discuss options for the fund, as revealed by Drapersonline.com on January 8.

Kcaj owned Blooming Marvellous, the maternitywear chain, which went into administration last week. It also owned menswear tailoring business Hardy Amies and womenswear chain Ghost, which both went into administration in October.

Kcaj was set up by former Baugur director Jon Scheving Thorsteinsson.

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