The future of Icelandic fund Kcaj hung in the balance as Retail Week went to press and one of its investments, maternity chain Blooming Marvellous, was making a last-ditch attempt to find a buyer.

The fund, run by Arev, is understood to be on the brink of administration. It has become increasingly under threat following the banking crisis in Iceland last year and questions have been raised over its remaining investments.

Icelandic fund Milestone, which has a majority share in Kcaj, has put its investment bank Askar Capital in charge of managing the fund.
Up to six parties have expressed an interest in Blooming Marvellous. Rival chain JoJo Maman Bébé has looked at the chain’s books but told Retail Week it was not interested in the business as a going concern.

Ghost and Hardy Amies have already fallen into administration after Kcaj stopped any future funding of its investments.

The management of some of Kcaj’s investments, including Jones Bootmaker and Aspinalls of London, are believed to be interested in buying out their businesses if Kcaj does not survive.