Kookaï sale complete

Forminster's wholly owned subsidiary Adjustbetter has entered administration after the joint administrators completed the sale of the company's fashion clothing and accessories retailer to Kookaï UK for an initial price of£220,523.

Kookaï UK has also agreed to make further cash commission payments to Adjustbetter in respect of the existing spring/summer 2006 stock sold by Kookaï following completion of the acquisition.

For the 52 weeks ended February 26 last year and for the 26 weeks ended August 27 last year, Forminster was making a loss. Adjustbetter is the main trading entity of the Forminster group and, as such, there are no profits attributable to its trade and assets.

Kookaï UK is a newly formed joint venture company, established by the French owner of the Kookaï clothing brand and Amery Capital, for the purposes of making the acquisition. It is backed by the Bennett brothers, formerly behind the Oasis retail chain.