Coast may be spun off as Aurora ponders sale
Aurora Fashions is considering spinning off its Coast brand as an independent company to improve its long-term prospects of selling the womenswear chain.
The plan comes after the group, which also owns the retailers Warehouse and Oasis, separated its Karen Millen brand as an independent entity in 2011.
Although Aurora has no imminent plans to start a sale process for either Coast or Karen Millen, its continued devolvement of the brands will help the group to sell them in the future.
Coast, which sells occasionwear popular at weddings, has 41 standalone stores and 166 concessions in the UK, as well as 109 shops overseas from Australia to the Middle East. Management at Coast were unavailable for comment yesterday.
There is also speculation that Mike Shearwood, the chief executive of Aurora, is considering a management buy-out of Karen Millen although sources suggested this is unlikely to happen until next year.
Aurora is majority-owned by the failed Icelandic bank Kaupthing. The group emerged out of administration under its previous guise as Mosaic Fashions in March 2009.
Aurora's profits fell by 15.3 per cent to £12.7m over the year to last February, following an underperformance of its womenswear brand Bastyan.
Last month, the group said that Meg Lustman, the managing director of Warehouse, was stepping down although she could remain on its board for a while longer.
Lincoln MP Karl McCartney 'denied all knowledge' of the Twitter activity
Detective novelist who wrote Death comes to Pemberley passed away peacefully at her home, aged 94
Sites using the popular Gigya comment platform were attacked by the Syrian Electronic Army (SEA)
- 1 Sean Abbott: Messages of support flood in for bowler following death of batsman Phil Hughes
- 2 Ridley Scott on Exodus, Gods and Kings casting: 'I'm not going to get it financed if my lead actor is Mohammad so-and-so from such-and-such'
- 3 Girl, 7, gets Tesco to remove 'stupid' sign suggesting superheroes are 'for boys'
- 4 This letter from a reader explains why women can’t play football
- 5 'You should come to my house and eat cheeses with me': 4-year-old sends adorable love letter to girl at school
Black Friday 2014: Opening times for Asda, John Lewis, GAME, PC World and Argos
Miss Honduras Maria Jose Alvarado's stylist Luis Alfredo Garcia is found stabbed to death
Sean Abbott: Messages of support flood in for bowler following death of batsman Phil Hughes
Dr Lam Hoe Yeoh: Voyeur doctor jailed for eight years after using network of hidden cameras to film patients, colleagues and friends on the toilet
'You should come to my house and eat cheeses with me': 4-year-old sends adorable love letter to girl at school
Ukip says babies born to immigrants in the UK should be classed as migrants – which would include Nigel Farage’s own children
Rochester by-election: Ukip gains second MP as Tory defector Mark Reckless holds seat
'Beast of Bolsover' Dennis Skinner takes Ukip MP Mark Reckless to task moments after he is sworn in
The young are the new poor: Sharp increase in number of under-25s living in poverty, while over-65s are better off than ever
Tamir Rice: 12-year-old boy playing with fake gun dies after being shot by Ohio police
Rochester aftermath: Sacking of Emily Thornberry will make work of Labour MPs '10 times harder'
iJobs Money & Business
£30000 - £250000 per annum: Recruitment Genius: A global Rolling Spot FX, Comm...
£Attractive Package: Citifocus Ltd: Chartered accountant (ACA or CPA), must be...
£6000 - £60000 per annum + Bonus and Benefits: Ampersand Consulting LLP: UI De...
£18000 - £23000 per annum + Comission: SThree: SThree, International Recruitme...