American Apparel owners purchase fashion chain All Saints

The owner of clothing retailers La Senza and American Apparel has bought fellow fashion chain All Saints in a deal set to secure hundreds of jobs.

Investment firm Lion Capital has teamed up with American investor Goode Partners to buy the holdings of two Icelandic banks for an undisclosed sum.



All Saints, which employs about 2,000 staff and has 62 stores and 45 concessions in the UK, Europe, US and Russia, was reportedly facing administration.



The deal is understood to leave chairman and owner Kevin Stanford with a larger-than-expected 15% stake in the business.



Lion Capital, was co-founded in 2004 by Lyndon Lea, a former Goldman Sachs investment banker from Morecambe Bay, Lancashire. It recently sold Japanese noodle bar chain Wagamama.



All Saints was effectively put up for sale after nationalised Icelandic banks Kaupthing and Glitnir sought to realise some of their assets.

The banks came to own a majority stake in the business after the collapse of its previous owner, Baugur, an Icelandic investment group.



Baugur once owned much of the UK high street, including stakes in House of Fraser, frozen food chain Iceland, and Karen Millen-owner Aurora.



The new partnership is expected to ease some of the financial pressure on All Saints by paying off some of its £53 million debt pile.



Mr Stanford, who also co-founded the Karen Millen chain with his ex-wife of the same name, said: "I'm pleased to have the support of two private equity firms, both of which are focused on the consumer sector, to put All Saints on a solid financial footing."



All Saints was created in 1994 and opened its first stand-alone store in London in 1997. In its most recent financial year, the company had revenues of more than £200 million.



Mr Lea, partner at Lion Capital, said: "We are very excited to invest in a brand with such enormous international potential.



"All Saints, in our view, combines leading product and store design with an online presence well beyond many other retailers of its size. We look forward to partnering with Kevin and the management team to continue the success of the business."







Ken Dilley, Lloyds Banking Group's regional managing director, large corporate, said: "All Saints is a business with a great brand and a bright future.



"We've supported the company over the past two years and we have helped it through the difficulties of recent months.



"As part of the new deal with Lion Capital and Goode Partners we have agreed to carry on backing the business - and extend our funding - to help the company achieve its ambitions over the coming years."

PROMOTED VIDEO
News
ebooksNow available in paperback
News
videoJapanese prepare for the afterlife by testing out coffins
Arts and Entertainment
Harrison Ford attends Blade Runner at Target Presents AFI's Night at the Movies at ArcLight Cinemas on 24 April, 2013 in Hollywood, California
film... but Ridley Scott won't direct
Sport
Hughes is hit by a bouncer from Sean Abbott
cricketStephen Brenkley on batsman's tragic flaw that led to critical injury
Sport
Dejected England players applaud the fans following their team's 3-0 defeat
football

Extras
indybest
Latest stories from i100
Have you tried new the Independent Digital Edition apps?
Independent Dating
and  

By clicking 'Search' you
are agreeing to our
Terms of Use.

iJobs Job Widget
iJobs Money & Business

Langley James : IT Support; Helpdesk, VMware; Manchester, £18k

£16000 - £18000 per annum: Langley James : IT Support; Helpdesk, VMware; Manch...

h2 Recruit Ltd: Business Development Manager - HRO - £70k+ ote

£35000 - £450000 per annum + £3k car, £70k ote: h2 Recruit Ltd: Do you want to...

Citifocus Ltd: Newly Qualified Accountants - Risk Mgmt

£Attractive Package: Citifocus Ltd: Prestigious financial institution seeks to...

Citifocus Ltd: Operational Risk Analyst

£Negotiable: Citifocus Ltd: Experienced operational risk professional with ban...

Day In a Page

Homeless Veterans Christmas Appeal: Drifting and forgotten - turning lives around for ex-soldiers

Homeless Veterans Christmas Appeal: Turning lives around for ex-soldiers

Our partner charities help veterans on the brink – and get them back on their feet
Putin’s far-right ambition: Think-tank reveals how Russian President is wooing – and funding – populist parties across Europe to gain influence in the EU

Putin’s far-right ambition

Think-tank reveals how Russian President is wooing – and funding – populist parties across Europe to gain influence in the EU
Tove Jansson's Moominland: What was the inspiration for Finland's most famous family?

Escape to Moominland

What was the inspiration for Finland's most famous family?
Nightclubbing with Richard Young: The story behind his latest book of celebrity photographs

24-Hour party person

Photographer Richard Young has been snapping celebrities at play for 40 years. As his latest book is released, he reveals that it wasn’t all fun and games
Michelle Obama's school dinners: America’s children have a message for the First Lady

A taste for rebellion

US children have started an online protest against Michelle Obama’s drive for healthy school meals by posting photos of their lunches
Colouring books for adults: How the French are going crazy for Crayolas

Colouring books for adults

How the French are going crazy for Crayolas
Jack Thorne's play 'Hope': What would you do as a local politician faced with an impossible choice of cuts?

What would you do as a local politician faced with an impossible choice of cuts?

Playwright Jack Thorne's latest work 'Hope' poses the question to audiences
Ed Harcourt on Romeo Beckham and life as a court composer at Burberry

Call me Ed Mozart

Paloma Faith, Lana del Ray... Romeo Beckham. Ed Harcourt has proved that he can write for them all. But it took a personal crisis to turn him from indie star to writer-for-hire
10 best stocking fillers for foodies

Festive treats: 10 best stocking fillers for foodies

From boozy milk to wasabi, give the food-lover in your life some extra-special, unusual treats to wake up to on Christmas morning
Phil Hughes head injury: He had one weakness – it has come back to haunt him

Phil Hughes had one weakness – it has come back to haunt him

Prolific opener had world at his feet until Harmison and Flintoff bounced him
'I have an age of attraction that starts as low as four': How do you deal with a paedophile who has never committed a crime?

'I am a paedophile'

Is our approach to sex offenders helping to create more victims?
How bad do you have to be to lose a Home Office contract?

How bad do you have to be to lose a Home Office contract?

Serco given Yarl’s Wood immigration contract despite ‘vast failings’
Green Party on the march in Bristol: From a lost deposit to victory

From a lost deposit to victory

Green Party on the march in Bristol
Putting the grot right into Santa's grotto

Winter blunderlands

Putting the grot into grotto
'It just came to us, why not do it naked?' London's first nude free runner captured in breathtaking images across capital

'It just came to us, why not do it naked?'

London's first nude free runner captured in breathtaking images across capital