L Capital faces legal action over Jones the Grocer

Sydney-headquartered Jones the Grocer went into voluntary administration in Australia last December, days after Manos stepped down as CEO. At the time administrators PKT Lawler Melbourne said the company's position was due to issues with internal management.

Manos, who owns a 37% stake in the business, is accusing majority shareholder L Capital - which is sponsored by French luxury goods conglomerate LVMH - of "oppressive conduct" in relation to administration proceedings, the Sydney Morning Herald reported.

Manos has also said he would not block a bid by the PE firm to take full control of the business's Australian operations in return for paying off the entity's external creditors.

Jones the Grocer was set up in 1996 and went into voluntary administration in 2002. Over the ensuing years efforts had been made to take the business overseas and this was part of L Capital's investment thesis when it bought a 50% interest in July 2012.

As of last December the company had seven outlets in the United Arab Emirates, three in Singapore and two in New Zealand, as well as four in Australia. The company's Singapore business has since been placed under judicial management, and its assets have been put up for public sale, according to The Business Times.

L Capital's other Australian investments include: sports apparel brand 2XU, which is likely to go public this year; swimwear brand Seafolly, which it acquired last December; and bootmaker RM Williams.

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• Topics
• Australasia
• Southeast Asia
• Consumer
• L Capital Asia
• Australia
• Singapore
• Consumer