What a Saint
It was announced some months back that fashion chain All Saints could be facing administration, with its 2000 employees at risk of losing their jobs. But the Guardian reports today that the company has been saved by investment firm Lion Capital, which has teamed up with an American investor to buy the holdings of two Icelandic banks.
It seems like the chain has exploded onto the high street in a relatively short period of time - from opening its first shop in London in 1997 to having stores across the country. Always leaving us wondering - where DO they find all those vintage sewing machines for the window displays? Despite having revenues of more than £200million in its most recent financial year, the company reportedly has debts of £53million, and was at risk of going under.
The chain's chairman and owner, Kevin Stanford, will surely be jumping for joy today then as the new deal secures a future for the brand and leaves Stanford with a 15% stake in the business. Lion Capital also owns Wagamama, La Senza and American Apparel, so All Saints is in pretty good highstreet company.