Kaupthing plans sale of Oasis and Warehouse

Icelandic-owned UK women’s fashion retailers Oasis and Warehouse are reported to be exploring a sale, appointing administrators from Deloitte to hold talks with potential buyers.

The coronavirus pandemic has prompted the UK government to mandate the shuttering of all non-essential retailers, such as fashion stores, for at least three weeks.

Icelandic lender Kaupthing, which owns the stores, had initially tried to sell them in 2017, but withdrew from the sales process after reportedly not attracting bids that met its valuation.

A Kaupthing spokesperson said: “Like all businesses operating in these unprecedented times, we continue to work on how we can best navigate through the current challenging circumstances following the Covid-19 outbreak.”

“Whilst this remains a key focus for the company, Oasis and Warehouse are strong brands and we have very recently received inbound interest from strategically aligned parties regarding a potential transaction.”

“We remain in dialogue with these parties, but there is no certainty at this stage that this will lead to a transaction.”

Oasis and Warehouse Group presently employ around 2,300 staff and trade from 90 standalone locations and 437 concessions in department stores.

In the group’s most recent accounts, to the year ending March 2 2019, it reported gross profit of £173 million on total turnover of £293.2 million. At the time, the group held total current assets of £66.2 million.

Last year, Kaupthing sold UK fashion retailers Karen Millen and Coast to Boohoo in an £18.2 million deal, with Deloitte also acting as administrator on that occasion.

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