Your browser is no longer supported. For the best experience of this website, please upgrade to a newer version or another browser.

Your browser appears to have cookies disabled. For the best experience of this website, please enable cookies in your browser

We'll assume we have your consent to use cookies, for example so you won't need to log in each time you visit our site.
Learn more

Peter Davies' Principles deal in jeopardy

Peter Davies has warned that his bid to rescue Principles may be thwarted because of the timing of the administration of its parent company Mosaic Fashions.

Peter Davies, who ran Principles when he was chief executive of Rubicon, said that the administration of Principles’ parent company, Mosaic Fashions, on Monday had happened more quickly than he had anticipated.

He said that it was now unclear whether he would succeed in putting an appropriate bid together in time to buy the chain from administrators Deloitte because of competition from other parties and Deloitte’s need to complete a deal as quickly as possible.

“I was trying to buy it [Principles] and I am still trying to buy it. But the timing of the administration may have screwed my chances. As a private punter it takes time to put a logical offer in place and to rebuild into the future. I would say it would normally take two weeks to do that.”

Peter Davies

“I was trying to buy it [Principles] and I am still trying to buy it. But the timing of the administration may have screwed my chances.”

“As a private punter it takes time to put a logical offer in place and to rebuild into the future. I would say it would normally take two weeks to do that.”

A mystery bidder is believed to have emerged for Principles following the administration on Monday. Separate sources told Drapers that Sir Philip Green and Debenhams were also unlikely to buy the womenswear chain.

A spokeswoman for Deloitte said: “The administrators have a responsibility to creditors to maximise recoveries and they will work with those interested parties that can deliver that.”

“It is in the best interest of the business to sell it as quickly as possible,” she added.

Principles was first put up for sale last month by parent company Mosaic Fashions. However Mosaic Fashions collapsed into administration this week before a deal could be completed.

 

Readers' comments (1)

  • It should of been about the u.k job front not just about the ££££ . What would have one extra week done to save so many jobs ?? and how much are the creditors making out of this ???

    Unsuitable or offensive? Report this comment

Have your say

You must sign in to make a comment

Please remember that the submission of any material is governed by our Terms and Conditions and by submitting material you confirm your agreement to these Terms and Conditions. Links may be included in your comments but HTML is not permitted.