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Pilot in receivership

By FashionUnited

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British fashion chain Pilot owes its suppliers at least GBP 9 million, sending the company into receivership. Pilot blamed a slow Christmas season for its inability to refinance. It added that both its prices and products were lacking in competitive edge, allowing rival high street retailers to trample them underfoot.

The current owner of Pilot is Pilot International - with runs Designer Rooms and Pilot Outlet chains- and which in turn is partially owned by the majority shareholder, Hong Kong investment firm Retrofit. In 2004 Retrofit attempted to find a buyer for Pilot but failed.

According to administrators, they have already found a buyer for half of the chain's 70 stores. If industry rumours are to be believed, Retrofit could be the buyer. Director and founder, Jeremy Whaley, owns 16% of Pilot International, while Retrofit owns the remaining majority. Whaley and another Pilot director are believed to want to stay on at Designer Rooms.

Pilot