Jobs saved as firm buys Kookai stores

Around 400 jobs at clothing retailer Kookai were safeguarded tonight after the founders of the Oasis fashion empire bought a string of Kookai’s UK stores from administrators.

An investment firm backed by Maurice and Michael Bennett – the brothers who founded the Oasis, Warehouse and Coast clothing stores – stepped in to secure a deal with French parent company, Kookai SA.

They took over 14 of Kookai’s 25 UK stores and 20 of its 30 department store concessions. The move comes less than a month after Deloitte was appointed administrator to the stores.

Under today’s deal, investment firm Amery Capital will take immediate control of the Kookai brand in the UK after setting up a business called Kookai UK.

Lee Manning, administrator at Deloitte, said: “Kookai is a strong retail brand and a prominent feature on the UK high street. We are pleased to announce the sale of the company to Kookai UK, as a result of which 400 jobs will be protected.”

It is not known what will happen to the remaining Kookai stores, which are still in the hands of the administrators.

Amery Capital director Maurice Helfgott said the move underlined the strong commitment of the French chain to develop the Kookai brand in the UK.

He said: “We are confident that there is huge potential for growth and our priority will be to really sharpen up pricing and improve the look and feel of the stores.

“We are looking forward to working closely with our French partners – they are a dynamic team with enormous strength in design and marketing.”

He and the Bennett brothers are all partners in Amery, whose other brands include Long Tall Sally. The Bennetts cut their ties with the Oasis empire when they sold out to Icelandic investors Baugur three years ago.