Slipper brand Mahabis saved from administration by YYX Capital

London-based slipper brand Mahabis has been saved from administration by YYX Capital, the investment group co-headed by Simba Sleep founder James Cox. The acquisition, agreed with administrators KRE Corporate Recovery, has safeguarded the jobs of all Mahabis' staff.

James Cox will take over as interim CEO, and YYX Capital will lend its expertise in e-commerce, marketing, communications and on-line and off-line retail channels. "Ankur Shah and his team have built a great business in Mahabis which unfortunately just stumbled at a critical point," Cox said in a statement. "Mahabis has never raised any external capital, so with the right backing, we believe we can further grow Mahabis globally, and at speed."

Ankur Shah, founder of Mahabis, added: "We achieved an enormous amount in a very short space of time. Whilst the decision to go in to administration was a difficult one, this was a great outcome for both employees and suppliers. Whilst I now plan to pursue other projects, I hope YYX can propel the brand in new and exciting directions."

Mahabis fell into administration in December and called in administrators KRE Corporate Recovery.

Photo credit: Mahabis, Facebook