Fears over the future of several hundred jobs at the Oxfordshire headquarters of fashion firm Mosaic, which owns the Oasis and Warehouse chains, have been eased after a financial overhaul.
The deal is expected to save 8,700 jobs, including those at the firm’s head office in Stanton Harcourt, near Witney.
The Oxfordshire office will now provide administrative support to a new group called Aurora Fashions, which has bought the chains.
Aurora Fashions chief executive Derek Lovelock, said: “Our recent past has been difficult and is now behind us – from today we look forward to a new and exciting future.
Mosaic Fashions, which owed £400m to Icelandic bank Kaupthing, appointed Deloitte as administrator of the four womens- wear chains, before Kaupthing and the Mosaic management team immediately bought them back.
Mr Lovelock said: “Management and Kaupthing Bank have agreed terms that secure the future of these four well-known fashion brands, restoring the group’s balance sheet to a healthy position and providing additional working capital.
“The four brands, Karen Millen, Coast, Warehouse and Oasis will continue to share a common infrastructure and other essential functions.”
The deal enabled Mosaic Fashions to complete a financial restructuring of the businesses, ending the difficulties it has had over repayment of its £400m debt to Kaupthing, which was put under the control of the Icelandic government in October.
A company statement said plans to sell off the Shoe Studio Group were well advanced and negotiations were going on over the sale of Principles.
Administrator Deloitte is running both businesses.
business@oxfordmail.co.uk
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