As the coronavirus forces the High Street to shut down, fashion retail outlets Oasis and Warehouse are up for sale – and rumour has it that there is a buyer lined up.
The Oasis and Warehouse Group, which is owned by the nationalised Icelandic lender Kaupthing, has held conversations with potential buyers in the last few days, it is understood – having been approached about a sale.
According to Drapers, the group was not looking for a sale amid its three-year turnaround plan, but had been approached by a potential buyer.
Administrators for Kaupthing launched a sale for the group, which then included Karen Millen and Coast, back in November 2016. Kaupthing then opted to withdraw from the sale process in 2017, after the only remaining bidder was Emerisque Brands, a private equity firm.
However, a potential buyer has approached the Kaupthing and the Group has appointed auditor Deloitte to help conduct a potential sale of the business. The group employs 2,300 people.
A spokeswoman for the company 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.”