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Published
Dec 12, 2016
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Troubled Blue Inc’s key suppliers target takeover before year-end

Published
Dec 12, 2016

Struggling men’s, women’s and kidswear retailer Blue Inc could be taken over by Padma Textiles, one of its biggest suppliers, and another supplier, MAF Clothing, in a debt-for-equity swap. It would leave existing shareholders with just 25% of the company’s shares.

Blue Inc has struggled for some time and took out a £6m loan


The owner of the Blue Inc and  Officers Club chains has had a tough year having put one subsidiary into administration, closed stores and cut 500 jobs 11 months ago.   

Padma Textiles is the Bangladesh based firm that, along with MAF Clothing, had earlier loaned the business £6m. They now want to convert £4m of that into equity that would see them holding a 75% stake.

Padmas’s bosses Miraj Khan and Yechezkel Yechiel became co-CEOs of Blue Inc as part of the funding deal.

The two have contacted shareholders and The Sunday times reported that a deal could be struck in the next couple of weeks with a meeting due on December 23.

The company’s minority shareholders include prominent Rich List regulars David and Simon Reuben. Simon is Yechiel’s father-in-law. Sir Stuart Rose, the former Arcadia and M&S head, is also a minority shareholder.

Blue Inc focuses on the value end of the market and was previously known as Mr Byrite.

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