- India-focused online fashion retailer Koovs warned that it may no longer be able to continue as a going concern if it did not receive new funding soon.

The company said it remained in talks about the completion of an outstanding £6.5m investment from Future Lifestyle Fashions and was also considering alternative financing options.

Future Lifestyle Fashions had confirmed to the company that it as in the process of reapplying for approval of the investment from the Reserve Bank of India, and that it remained committed to honouring the investment.

Koovs said it currently had cash reserves of about £2.2m, which it said was sufficient for the current calendar year.

'As noted previously, the board has implemented certain cash conservation measures, primarily in relation to reducing stock purchases and marketing spend, with the intention of ensuring there is the maximum time available for the various options available to the company to be considered,' it added.

'Shareholders should be aware that in the event that the company is unable to secure the further funding from Future Lifestyle Fashions or through alternative sources, it may no longer be able to trade as a going concern.'

At 2:10pm: [LON:KOOV] Koovs Plc Ord 1p share price was -0.95p at 2.65p

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