MK One’s new boss, Bali Singh, has secured funding to ensure the future of the value fashion retailer.

The news follows the departure of former MK One chief and original founder of MK One, Mark Brafman, as revealed in Retail Week, October 31.

In a statement issued today the retailer, which was recently rebranded to Mark One, said: “Mr Singh has secured funding to ensure the long-term future of the organisation, with the conditional removal of Mr Brafman from the Mark One management team. Mr Singh is currently working through the appointment of a new management board for the organisation.”

It added that the “requested” departure of Brafman was “key to securing new funding” for the retailer. It will enable Singh to “secure a strong, long-term supply chain model for the company to fully support the strategically aligned management team”.

Brafman rescued MK One from administration for£7.1 million after it was sold by Baugur to Hilco for£1.

The buying team and strategy will be headed by Dolly Deacock, who resigned as a director from Brafman’s investment vehicle Jet Star Retail last month. Jet Star Retail was created to acquire the business from Hilco in May.

The retailer added that Deacock will expand the existing buying and merchandising team to support “aggressive” growth.

MK One will be relaunched next year and is in talks with design firms to support the brand’s redevelopment.

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