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Sir Philip Green linked to Principles

Sir Philip Green has been linked to a possible deal to take Principles out of the Baugur-backed Mosaic Fashions group.

Although Principles is not officially up for sale, corporate advisory boutique Hawkpoint is holding basic profit and loss information on all of Mosaic Fashion’s brands, which will be made available to those who request it - as revealed exclusively by last week. 

However, it would appear that this is as much about Mosaic Fashions and its shareholders gleaning true market valuations of its brands as it is about offloading some of its businesses.

Sir Philip Green has been linked to a deal to buy various Mosaic Fashion’s brands since the Icelandic banking crisis began last October.

Sources close to the situation said Green would only seriously consider taking other businesses such as Principles on if there was a “very attractive” deal or incentive for him. He may expect to be paid a cash fee to take on Principles for instance. This would seem an unlikely prospect given Mosaic Fashions’ current position with its banks. Mosaic is negotiating about refinancing its business.

One source said: “Philip has 2,000 shops. He certainly doesn’t need any more and therefore there has to be something more in it for him.”

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