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is chaired by Justin Stead, the former boss of the jewellery retailer now called Watches of Switzerland Group. The sale process was launched despite people close to the company insisting that it recently enjoyed its best-ever trading week, with sales up 30%. The company reported flat turnover of £28.8m and an operating loss of £33.6m, more than double the previous year's loss. In its accounts for the year to 28 February last year, Topco said its "trading performance in the year been impacted by uncertain market conditions".
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LGT became the majority shareholder in last April, with the business previously having been owned by CBPE, a private equity firm. The business has been bought from LGT European Capital, which took control of the online retailer last year after having been a lender to the business. is thought to have been impacted by HoF's administration, and the subsequent closure of a number of its outlets amid plans to roll out concessions across the department store chain. Sky News revealed details of the auction, which was run by KPMG, earlier in the week. The sources added that ScS's bid had been predicated upon a pre-pack administration, which would have left some of 's liabilities behind. UK to force more than 1,300 of its biggest companies to reveal climate risks