L Capital Asia bids to buy Jones the Grocer

The final bids to buy Jones the Grocer’s Singapore business were accepted on Friday last week, with majority shareholder L Capital Asia putting in a bid to buy the company.

The target is to complete the sale by next month. It is not known how many bids were received, and how much was offered.

The gourmet grocer’s Singapore arm, Jones the Grocer International (JTGI), was earlier placed under judicial management – where an external manager is appointed to manage a company that cannot pay its debts.

Its assets – including two outlets in Dempsey Hill and Mandarin Gallery – were put up for sale.

Its parent company, Jones Group Holdings in Australia, went into administration last December due to disputes between its former chief executive and shareholder John Manos, and majority shareholder L Capital – the equity arm of luxury group LVMH Moet Hennessy Louis Vuitton. Mr Manos also ran Jones the Grocer’s day-to-day operations in Singapore.

The firm terminated Mr Manos’ employment as chief executive late last year, and then applied to the Singapore courts to place JTGI under judicial management.

It succeeded in March, and PwC Singapore’s business recovery services leader Goh Thien Phong was appointed judicial manager.

By then, JTGI had accumulated about $19 million in total liabilities.

The two Jones the Grocer outlets in Dempsey Hill and Mandarin Gallery are operating as usual.

http://business.asiaone.com/news/l-capital-asia-puts-bid-buy-jones-the-grocer#sthash.AOMcGaPK.dpuf

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