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Credit insurers cut cover on Oasis and Warehouse

Credit insurers have cut cover to some Oasis and Warehouse suppliers, amid wider tough trading on the high street.

Insurers including Atradius, Coface and Euler Hermes cut cover to the retailers following Coast’s fall into administration last week, the Evening Standard reports.

Coast was owned by Aurora Fashions, which also owns Oasis and Warehouse. However, Oasis and Warehouse have operated as a separate business from Coast since 2013.

A spokeswoman for Oasis and Warehouse said: “Credit insurers have tightened cover across the industry. Both Oasis and Warehouse have strong relationships with suppliers and will continue to work closely with them. It is very much business as usual.”

Oasis and Warehouse’s joint EBITDA increased 48% year on year to £9.5m, underpinned by a strong digital performance at the group. Total sales edged up 0.1% for the year to 24 February 2018 to £275.2m, while like-for-like sales were up 5% for the year. Digital sales for the period also grew 20%, and online now represents a quarter of all sales.

Coast appointed Mike Denny, Ian Green and Zelf Hussain of PwC as joint administrators of Coast Holdings Limited, Coast Retail Limited and Coast Fashions Limited on 11 October.

Karen Millen then bought the retailer’s UK concession portfolio, online business and franchise stores, saving 600 jobs. Coast’s 24 standalone stores and international concessions were not part of the deal, and have closed. It is thought around 300 jobs have been impacted.

Aurora Fashions is owned by Icelandic bank Kaupthing, which also owns Karen Millen.

Drapers revealed earlier this week that Oasis and Warehouse Group is promoting chief operating officer Hash Ladha to the role of chief executive, as Liz Evans steps down.

Ladha has been appointed CEO designate with immediate effect and will become CEO when incumbent chief executive Evans departs next year.

Evans will join Fat Face as CEO next year. Current Fat Face chief executive, Anthony Thompson, steps down from his role in January.

 

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