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Statement from FRP Advisory LLP, administrators to Arrogant Cat

8 March 2011

Jason Baker, partner at FRP Advisory LLP, the specialist restructuring, recovery and insolvency firm, provides the following update regarding the UK retail arm of boutique fashion retailer Arrogant Cat - which entered administration on 21 February 2011:

"We have concluded a sale of Arrogant Cat to its existing management team on 4 March 2011, safeguarding 4 jobs and the Duke Street store, which has continued trading throughout this process. Sadly, due to continuing losses, the Great Portland Street store and Richmond based outlet have been forced to close, with the remaining 8 members of staff being made redundant.

"We received two offers for the business, with the offer from the management team representing the best possible option for all stakeholders in terms of maximising value and the company’s future trading potential."

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FRP Advisory LLP is incorporated in England and Wales under the Limited Liability Partnerships Act 2000 as a Limited Liability Partnership. Partnership Number: OC355680.

Registered office: 10 Furnival Street, London EC4A 1YH. A list of members’ names is open to inspection at this address.

Locations: East Midlands, Eastern Region, Kent, London, North, Northern Home Counties, South West, Sussex, West Midlands

www.frpadvisory.com