Koovs to call in administrators as Indian billionaire Kishore Biyani fails to invest

Future Lifestyle Fashions

10/12/2019 12:32

Dec 10 (Reuters) - Koovs Plc  KOOV.L  said on Tuesday it
would apply to place the online fashion retailer into
administration as Indian billionaire Kishore Biyani's Future
Lifestyle Fashions  FLFL.NS  failed to invest a further 6.5
million pounds ($8.34 million). 
    Koovs said it could not get alternative funding and expects
its assets to be bought from the administrator by a company
connected to the Koovs' largest secured creditor and chairman
Waheed Alli, ensuring the continuation of the operating
business.  urn:newsml:reuters.com:*:nRSJ3872Wa
    Future Lifestyle Fashions, a part of Future Group, India's
largest retail firm, is Koovs' largest investor.
    
($1 = 0.7794 pounds)

 (Reporting by Shanima A and Noor Zainab Hussain in Bengaluru;
Editing by Shinjini Ganguli)
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