Alexon calls in KPMG to advise on restructuring options

The retailer, which owns womenswear chains including Ann Harvey, Eastex, Alexon and Kaliko, confirmed that it has hired the accountancy firm as it considers a range of options to help it stay afloat, according to The Independent.

The womenswear group said on Monday that while it is exploring options, these form part of its ongoing capital restructuring plans for the company. However, the retail chain did say that one of its options includes considering takeover possibilities, and it is in discussions with more than one party.

A spokesman for Alexon Group said: “Since our announcement on Monday we have received a lot of interest. The board has appointed KPMG to work through this interest in addition to pre-existing discussions with directors and Investec to ensure that the best outcome is reached.”

Alexon issued a profits warning on Monday and said like-for-like sales in the first three weeks of August were down 9%.

Last year the group renegotiated its banking facilities and covenants with Barclays including an extra £2.5m one-year loan facility running until the end of April 2012.

Alexon Group owns 69 standalone stores across all of its chains in the UK plus a further eight clearance outlets. It also operates 819 concessions across all chains plus 14 clearance concessions.