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Arev management in shock exit

Four key partners at investment firm Arev, which has stakes in Cruise, Jones Bootmaker, Mountain Warehouse and Blooming Marvellous, have resigned, but are expected to remain as board directors of its related retail investments to support the management teams.

Arev partners Andrew Manders, Jonathan Eeles, Rupinder Cheema and Peter King have all resigned.

A source close to Arev said: "There have been some major issues which have led to the resignations. However, the rest of Arev's retail investments are profitable and the partners will stay on as directors to support the management teams."

Manders is a director of Monsta Group, which trades at Jones Bootmaker. Eeles is a director of Duchamp, Cruise, Mountain Warehouse and Blooming Marvellous. Cheema is a director of Duchamp and Blooming Marvellous.

Meanwhile Arev founder Jon Scheving Thorsteinsson will remain with the company.

Arev invests through Icelandic investment fund Kcaj. Arev investments Hardy Amies and Ghost both went into administration last month, after its Icelandic backers refused to provide further funding for the businesses.

Ghost was subsequently rescued by Touker Suleyman. Hardy Amies was bought by Li & Fung earlier this week.

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