UPDATE: Fashion brand All Saints rescued by last-minute deal

As we reported last week, All Saints has had a rough ride. The chain, which boasts 63 stores and 47 concessions in the UK, Europe, the US and Russia, faced administration when creditors Lloyds Banking Group pulled the plug on its banking facility.

Why?

All Saints was backed by failed Icelandic banks Kaupthing and Glitnir. In short, there was no cash left in the business. And All Saints CEO Stephen Craig was tasked with finding investors to step into the breach - over a weekend.

But, All Saints is now facing a new dawn. Lion Capital, which also owns the La Senza chain, has taken a 65% stake, Goode now owns 11%. Kevin Stanford, the chain's founder, retains 15% and the chain's management, headed up by Craig, whas 9%.

Looks like we'll be seeing All Saints' trademark Singer sewing machines in high street windows for some time to come.

>>EXTRA<<

While the end result has been positive, we're pretty sure that All Saints bosses Craig and Stanford echo this chap's sentiments:

[It is Friday after all]

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