Mosaic Fashions, which owns well known retail chains including Karen Millen and Oasis, went into administration today, with DLA Piper winning the instruction from the administrators.
Deloitte partner Neville Khan turned to DLA Piper restructuring partner Sarah Coucher.
Manchester firm Heatons is advising the management of Mosaic, which went into administration this afternoon owing £400m to Icelandic lender Kaupthing.
DLA Piper won the mandate because of its close ties to Kaupthing, having advised it on its exposure to Baugur, which went into administration in the UK in February (6 February).
Mosaic owns 28 companies in the UK including Coast, Principles, Shoe Studio and Warehouse. It is understood that a number of the businesses will be put into pre-packaged administration and sold off.
DLA Piper has advised on a number of high-profile insolvencies, acting for the administrators. The restructuring team has been instructed on the administrations of Whittard of Chelsea, pub chain Orchid, entertainment group Zavvi and investment giant Dawnay Day in recent months.