UPDATE: Oasis, Warehouse & Coast sale cancelled

London - The much-awaited sale of high street womenswear retailers Oasis, Warehouse and Coast has been called off by its owners Icelandic bank Kaupthing after reportedly failing to stir up sufficient buyer interest.

Kaupthing is understood to have withdrawn from the sale process after the only remaining bidder was Emerisque Brands, a private equity firm founded by Ajay Khaitan, according to The Sunday Times. The two were previously said to be in exclusive talks concerning a 60 million pound deal last month.

Kaupthing chief executive Paul Copley maintains that the sale was cancelled because the market failed to “currently recognise the value” the value of the three businesses. Oasis, Warehouse and Coast were put up for sale last November and take-over bids for the womenswear retailers, which count 750 stores and over 6000 members of staff between them, first began in May. Philip Day, the owner of Edinburgh Woollen Mill Group was listed as a potential bidder for the group, together with turnaround firms Endless and Alteri Investors.

This article has been modified on 29 Juli 2019 according to new information provided by the parties involved.