Koovs sold by administrators as Indian billionaire Biyani fails to invest

(Reuters) - Koovs Plc said on Tuesday that administrators had sold its business and assets to SGIK 3 Investments Ltd, an entity owned by the online fashion retailer's largest secured creditor and chairman Waheed Alli.

The company said earlier on Tuesday it would apply to place itself into administration after its largest shareholder, India's Future Lifestyle Fashion , failed to invest a further 6.5 million pounds ($8.34 million).

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Indian billionaire Kishore Biyani's Future Lifestyle Fashion is part of the country's largest retail firm Future Group.

Koovs said it could not get alternative funding and a competitive sale process conducted over the past month to help continue as a going concern had failed.

Geoff Rowley and Jason Baker, partners at specialist business advisory firm FRP Advisory, were appointed as joint administrators to the retailer that is listed on London's junior market.

"The offer from SGIK 3 Investments Limited to purchase the underlying business of Koovs in the UK and in India was the best one we received from a creditors' perspective," Rowley said.

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

This story has not been edited by Firstpost staff and is generated by auto-feed.