The best of the fashion business news stories from the weekend’s newspapers (April 5-6)…
The Sunday Times said that Ossian Retail Group, which owns the young fashion chain Internacionale, had not met its full rent and service charge obligations last week. The newspaper said that Ossian Retail Group had approached landlords about paying its rent monthly rather than quarterly to ease its cashflow problems.
The Sunday Times also revealed that department store Debenhams had held “secret” talks about a potential bid for Moss Bros. The newspaper said that the talks had been informal and had since been suspended. Baugur made a £40 million indicative offer for the menswear chain earlier this year and is in the process of due diligence.
The Sunday Telegraph said that Linda Bennett, the founder of LK Bennett had become the latest entrepreneur to transfer the ownership of her business to avoid new capital gains tax rises which kicked in last night. Other retailers have transferred their shares ahead of the tax rises. Debenhams chief executive Rob Templeman was among those. He transferred shares to his wife last week.
The Mail on Sunday flagged up that Baugur, the serial retail investor, is more than four months late filing accounts for at least 22 of its subsidiaries at Companies House. The majority of missing filings relate to Mosaic Fashions, whose retail chains include Oasis, Karen Millen, Warehouse and Principles. Baugur told the newspaper that the hold up was a technicality and that accounts should be filed within a month.