A high net worth family is believed to be on the cusp of striking a deal to buy at least part of the Pas Group empire that is currently in voluntary administration.
While the identity of the buyer remains unclear, some believe the private family interests of retailer Solomon Lew could be one logical acquirer of the retailer.
Other parties earlier named included Naomi Milgrom’s ARJ Group Holdings, which trades as Sussan Group.
It comes after DataRoom earlier reported the company was heading for a break-up as it remained in the hands of PwC.
Last week, PwC announced that Seafolly had purchased the company’s swimwear brand Jets, leaving it with its other apparel brands Review, Black Pepper and Designworks.
Designworks is considered the jewel in the crown, making clothes for department stores such as Big W, Myer and Target.
While Pas is being offloaded at a tough time for the retail industry, the Designworks business had its second-highest month of sales ever for July.
It is thought that Seafolly’s voluntary administrators paid between $1m and $6m for Jets.
Pas was placed in voluntary administration on May 29 and is now under the control of PwC.
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