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Like-for-likes rise at Envy, but sale is unlikely until December

Alexon Group is not expected to complete a sale of Envy until Christmas, despite a
6% increase in like-for-like sales at the menswear chain.
Alexon provided no update on the sale of Envy, which it put on the market in June, but sources said Envy managing director Dean Argent had secured some of the backing needed to kick-start an MBO.

Serial investor Arev is believed to be prepared to part-fund a deal, but is unlikely to be the main investor. One source close to Alexon said the deal process was at an early stage and he did not expect a sale to complete until Christmas.

Envy narrowed operating losses from £3.5 million to £2.9m for the six months to July 28, thanks to improved performance.

Alexon posted pre-tax profits of £6.4m for the period, against £3.4m last year. Like-for-likes fell 2% after lacklustre performance at its Kaliko, Alex & Co and Minuet brands. Dash, Bay Trading and Eastex fared better. But like-for-likes are down 5% for the first seven weeks of the second half.

Chief executive John Osborn said: “The outcome for the year is largely dependent on Christmas trading.”

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