The owner of Oasis, Warehouse and Coast has called off the sale of the high street womenswear chains.
Icelandic bank Kaupthing opted to withdraw from the sale process after the only remaining bidder was Emerisque Brands, a private equity firm founded by Ajay Khaitan.
The entrepreneur was said to be eyeing the retailers in a £60m deal last month.
Kaupthing chief executive Paul Copley said: “We have been in a sale process for the last few months and can confirm today that we have withdrawn from that process. We feel that the market does not currently recognise the value we see in the businesses. We are under no pressure to sell the brands and we look forward to working with their management team to generate value for our stakeholders.”
Kaupthing conducted a strategic review into the Oasis, Warehouse and Coast business at the beginning of 2017. It is thought to now believe it can drive more value for the retailers by retaining ownership for the time being.
The brands plan to open 24 stores and concessions across Europe and the UK over 2017/2018.
Oasis, Warehouse and Coast were put up for sale in November last year. Kaupthing acquired the brands in 2009 from Mosaic Fashions, which entered administration after shareholder Baugur collapsed.