Breakfast briefing: Nisa retail, French Connection and more

No comments

Retail news round-up: Nisa retail in £120m refinancing deal; French Connection's boss in trouble; and Koovs appoints new design head.

Nisa Retail heads for refinancing deal

Nisa Retail, the convenience store supplier, is close to agreeing to a £120m refinancing deal with HSBC and Wells Fargo, Sky News reports.

The new deal would replace an existing £100m arrangement with Barclays and comes amid the proposed Tesco-Booker merger.

Nisa’s spokesperson declined to comment.

French Connection boss issued ultimatum by investors

French Connection chief executive, chairman and major stakeholder Stephen Marks has been given an ultimatum to step down from one of his roles or sell his 42% stake in the retailer, This Is Money reports.

The ultimatum was issued by Gatemore Capital, a London-based investment fund which holds an 8% stake.

This battle could possibly lead to Mike Ashley increasing his stake in the company if smaller shareholders decide to sell.

The company said: “We are well aware of the views of a small group of shareholders.

“We are delivering a turnaround plan which is designed to streamline the business and return it to profitability.”

Koovs appoints Samantha Chilton as design head

Koovs has revealed that former Primark design manager Samantha Chilton will be the new head of design, Drapers reported.

From 2012 to 2016, Chilton led Primark's UK and Northern European womenswear design team.

Since leaving the value fashion retailer, Chilton has acted as a consultant for leading brands such as Zara, Pull & Bear, Mango, Forever 21, River Island and Boohoo.