Alexon facing potential pre-pack administration

Thu, 29 Sep 2011 | ADMINISTRATION

Womenswear company Alexon has suspended trading of its shares on the Stock Exchange, as a potential pre-pack administration looms over it.

Speculation about the business's status has been swirling since the beginning of September, when it issued a profit warning. It is thought that private equity firm Sun European Partners is leading the pack looking to take on the group, although Debenhams is also looking at taking on some of Alexon's brands, which include Ann Harvey, Dash and Kaliko.

Any deal struck between Alexon and Sun European would likely be in the form of a pre-pack administration. Administrators from KPMG are expected to be appointed.

A statement issued by the board of Alexon explained that the company was "operating with limited headroom" and that additional funding was becoming a crucial requirement for the company as it faced the seasonal peak.

"The Board of Alexon has continued to explore thoroughly all available options to address this requirement," the statement said. "However, the Board now believes that it is increasingly unlikely that a solution to the funding issues which the Group faces can be secured in the necessary timeframe."

It explained that trading of the shares had been suspended "pending clarification of the company’s financial position" and that more information would be published in due course.


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