Your browser is no longer supported. For the best experience of this website, please upgrade to a newer version or another browser.

Your browser appears to have cookies disabled. For the best experience of this website, please enable cookies in your browser

We'll assume we have your consent to use cookies, for example so you won't need to log in each time you visit our site.
Learn more

Alteri backs Basler following takeover

Alteri Investors is helping to fund a takeover of German fashion house Basler Fashion Group by providing a new debt facility, a month after it provided Austin Reed with a three-year loan.

The London-based European retail investment fund is providing Basler with a senior debt facility of an undisclosed amount, as part of a takeover deal for the retailer and brand agreed by German private equity firm Tempus Capital. Tempus has acquired Basler for an undisclosed amount and Alteri is providing the funds as the company could not secure a loan through its normal banking facility.

Founded in Berlin in 1936, Basler now has 160 stores worldwide and more than 1,600 points of sale in 60 countries. It has four UK stores in Knightsbridge, Chichester, Epsom and Brent Cross, as well as ten concessions, one outlet store and three concessions in Ireland. Basler has 140 wholesale locations in the UK and Ireland including Anne Furbank in St Neots, Cambridgeshire, Fenwick’s Brent Cross and Newcastle stores and Ambers of Amersham, Buckinghamshire.

Alteri was formed last October as a joint venture between US private equity group Apollo Global Management and Gavin George, former chief executive of restructuring specialist GA Europe, to invest in struggling retailers on the UK high street.

Alteri chief executive George said: “Basler has gone through a restructuring process and has emerged much slimmed down. The next 12 months will be about stabilising the business and getting the suppliers back on track.

“We believe in the business – Basler is a great brand with a good retail presence, as well as a strong wholesale and concessions operation.”

Drapers understands that the existing Basler management will continue to be involved following the takeover and that it is business as usual for the brand and retailer.

@Tara_Hounslea

Have your say

You must sign in to make a comment

Please remember that the submission of any material is governed by our Terms and Conditions and by submitting material you confirm your agreement to these Terms and Conditions. Links may be included in your comments but HTML is not permitted.