Koovs to call in administrators as Future Lifestyle fails to invest $8.3 mn

(Reuters) - Koovs Plc said on Tuesday it would apply to place the online fashion retailer into administration as Indian billionaire Kishore Biyani's Future Lifestyle Fashions failed to invest a further 6.5 million pounds ($8.34 million).

Koovs said it could not get alternative funding and expects its assets to be bought from the administrator by a company connected to the Koovs' largest secured creditor and chairman Waheed Alli, ensuring the continuation of the operating business.

Future Lifestyle Fashions, a part of Future Group, India's largest retail firm, is Koovs' largest investor.