The boss of the Louis Vuitton fashion house made an offer to buy back the company’s flagship store on Bond Street from its indebted Irish owner, an Irish court heard yesterday.
David Daly, the Irish developer that owns the 20,000 sq ft Louis Vuitton store 17-20 New Bond Street as well as the Mulberry store at 40-42 New Bond Street , told the Irish court that following the publicity over his battle with the Irish National Asset Management Agency, Bernaud Arnault had made an offer to buy his British property assets at a significant discount.
Daly said that 17-20 New Bond Street had been recently valued by Savills at around £190m, and that 40-42 New Bond Street had been valued at around £65m.
Propertyweek.com revealed two weeks ago that Nama had given Daly until the close of play on Thursday 23 June to pay back €450m of debt secured against his personal assets in the UK and Ireland, or administrators would be appointed.
BDO has now been brought in as administrator, but Daly is fighting this appointment. A full hearing of the case in the commercial court will take place over four to five days beginning on 13 July.
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