Private equity firm Alchemy is thought to be in the running to buy Baugur-backed Mosaic.
It is understood that Alchemy boss Jon Moulton is in talks with Mosaic chief executive Derek Lovelock, whose fashion portfolio includes the likes of Karen Millen, Oasis and Warehouse.
Moulton is also believed to want to rival Sir Philip Green’s bid to buy Icelandic investor Baugur’s debt from embattled Icelandic banks.
Meanwhile, it is understood that private equity firm Texas Pacific Group, which alongside the likes of Permira and Blackstone is also believed to be interested in acquiring Baugur’s debt, wants to line up a senior retailer executive to run Baugur should it take control of the investor.
Texas Pacific Group's European boss Philippe Costeletos bought out and floated Debenhams.
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