Oasis and Warehouse dealt another blow as credit insurers cut cover

202 immediate job cuts as Oasis & Warehouse files for administration

Oasis and Warehouse face a new battle as it is revealed a number of credit insurers have stopped offering cover to their suppliers.

The Evening Standard has reported that Atradius, Coface and Euler Hermes have all withdrawn cover to some of Oasis and Warehouse’s suppliers.

The move will put more pressure on Oasis and Warehouse as without insurance cover, supplier can demand payment up front.

“Credit insurers have tighten cover across the industry,” a spokesperson said.

“Both Oasis and Warehouse have strong relationships with suppliers and will continue to work closely with them. It is very much business as usual.”

According to a source close to the two companies, the collapse of rival Coast last week has caused concerns amongst credit insurers over Oasis and Warehouse.

Coast, which Aurora Fashion owned alongside Oasis and Warehouse, fell into administration last week.

Karen Millen then acquired the business in a pre-pack deal for an undisclosed amount.

Just two days ago it was revealed Oasis and Warehouse Group’s chief executive Liz Evans is due to depart after nearly a decade to head up rival FatFace.

Evans, who has worked for the fashion group since 2010, will depart next year and will be succeeded by the current chief operating officer Hash Ladha.

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