Patrick Cox, the footwear brand, has been sold to entrepreneur Lord Eddie Davenport for £2.5 million.
Davenport is understood to have signed the deal, which secures the future of the footwear brand, within the last fortnight. Last month Patrick Cox closed its London office because of financial difficulties.
However this weekend, The Mail on Sunday reported that Cox was unhappy about the sale to Davenport, who is known as much for his lavish lifestyle and partying as for his business deals. Cox is understood to be worried his label will be taken “downmarket” by Davenport.
However Davenport told the newspaper: “Patrick isn’t happy because of my racy lifestyle, but we are sure he will stay on board as chief designer.”
He added: “There has been a lot of boardroom bitching - you get that in fashion. The trouble is, Patrick has behaved like a prima donna. He wrongly assumed I was going to take it down-market, which is rubbish. I actually want to compete with Jimmy Choo.”