Koovs placed into administration

Indian online fashion retailer Koovs has been placed into administration after failing to secure investment from its largest shareholder, Future Lifestyle Fashions.

The company said on Tuesday that Future had failed to fulfil a contractual commitment to invest an additional £6.5m into the company. Having failed to secure alternative sources of funding, Koovs applied to be placed into administration.

The business and assets of Koovs were expected to be purchased from the administrator by a company connected to its largest secured creditor, Waheed Alli, "ensuring the continuation of the operating business".

The shares were suspended from trading on AIM.

Koovs said a further announcement will be made in due course.