Peter Davies, the former chief executive of Rubicon, has made a formal offer to buy Principles from Mosaic Fashions.
Peter Davies said in a statement: “I can confirm that I have made a formal offer to reacquire the Principles business from the Mosaic Group through our advisers Smith & Williamson. Mosaic have made clear that they are prepared to sell Principles and, having run Principles and Warehouse successfully from 2001 to 2005, my colleagues and I are supportive of the brand and are confident that it still has an important role to play on the UK High St.”
He added: “We recognise that the retail environment is tough and is likely to remain so for some time and we have taken care to ensure that we structure the potential acquisition to give us sufficient time and financial strength to rebuild the brand. While we would normally seek to progress discussions in private we felt that given the level of speculation surrounding Principles it was right to clarify our position.”
Mosaic Fashions effectively put Principles up for sale earlier this month. Its Shoe Studio Group footwear concession business is also on the market.