Skip to content
Search

Latest Stories

Mahabis rescued after slipping into the red

The self-styled “world’s favourite slipper company” has been rescued from administration. YYX Capital is thought to have paid between two million and three million euros to buy Mahabis, the online slipper start-up that failed after it ran out of cash.

YYX is backed by James Cox, who co-founded Simba Sleep, the mattress company, as well as other investors. Cox has agreed to take on the role of interim chief executive of Mahabis.


As part of the deal agreed with KRE Corporate Recovery, the administrator, all 15 employees at Mahabis will be retained and supplier relationships will be maintained.

Mahabis was founded in 2014 by former barrister Ankur Shah, who dreamt of designing the “world’s favourite slipper”.

The company advertised its products on Facebook, Instagram and on the London Underground and gained a cult following for slippers retailing at £69 a pair. In 2016-17, it generated about £2.5 million earnings on £25 million of revenue.

YYX Capital was established last year by a group of investors including Cox, Sir John Hegarty, a founding partner of Saatchi & Saatchi, and Michael Jackson, former chairman of Sage. It was set up with the aim of co-investing with family offices — the term for family-controlled investment vehicles — and individuals in consumer internet, e-commerce and software start-ups.

Mr Cox said that YYX Capital would invest in developing the Mahabis brand and would lend its expertise in marketing, e-commerce, online and offline retail channels and communications to “build the business into a truly global premium lifestyle brand”. It wants to expand the company’s range of footwear and to start to sell Mahabis on the high street.

“Ankur Shah and his team have built a great business in Mahabis, which unfortunately just stumbled at a critical point,” Cox said. “It has an established brand name and good customer recognition, having already sold nearly a million pairs of its designer footwear in more than 100 countries in just over four years.

YYX Capital said that it planned to appoint a creative director to “further curate the range” and that it hoped to build a £100 million business, with at least 15 per cent earnings before interest, tax and other charges within five years.

Shah, who is leaving the business, said: “We achieved an enormous amount in a very short space of time. While the decision to go into administration was a difficult one, this was a great outcome for both employees and suppliers.” He said that he planned to pursue other projects.

More For You

11th UK Gatka Championship

All winners received medals and trophies

UK Parliament

11th UK Gatka Championship ends with Welsh debut and £1,000 support for Gatka Akharas

Highlights:

  • The 11th UK National Gatka Championship was hosted near Cardiff, marking the first time in Wales.
  • Winners included Roop Kaur (girls), Navjot Singh (boys), and Gurdeep Singh (men’s).
  • Gatka Federation UK awarded £1,000 to each participating Akhara to support martial arts promotion.
  • Chief guests included MP Tanmanjeet Singh Dhesi and Harjeet Singh Grewal, President of the World Gatka Federation.

Gatka Championship marks Welsh debut

The 11th UK National Gatka Championship concluded on a high note near Cardiff, Wales, showcasing the traditional Sikh martial art with flair. Seven leading Gatka Akharas participated, thrilling spectators with their lightning-fast strikes, precision moves and elegant techniques.

Inauguration by global leaders

The tournament was inaugurated by Harjeet Singh Grewal, President of the World Gatka Federation (WGF) and the National Gatka Association of India (NGAI). He was joined by Tanmanjeet Singh Dhesi MP, President of Gatka Federation UK, alongside other dignitaries including Jagbir Singh Jagga Chakar, President of Wales Kabaddi Club, and community leaders from the Haveli Hotel Pontyclun.

Keep ReadingShow less
Vantara

The site, located in Gujarat, houses hundreds of elephants, as well as 50 bears, 160 tigers, 200 lions, 250 leopards, and 900 crocodiles. (Photo: Instagram/Vantara)

India court probe clears Ambani family’s animal centre

AN INDIAN Supreme Court-ordered investigation has cleared a large private animal facility run by the son of Asia’s richest man, rejecting allegations of wildlife violations.

Vantara, described as the “world’s biggest wild animal rescue centre,” is operated by Anant Ambani, son of Reliance Industries chairman Mukesh Ambani.

Keep ReadingShow less
Starmer

Starmer, who has faced negative coverage since taking office in July 2024, defended the appointment process.

Reuters

Starmer: I would not have appointed Mandelson if aware of Epstein ties

PRIME MINISTER Keir Starmer said on Monday he would not have appointed Peter Mandelson as UK ambassador to Washington had he known the extent of his links with convicted sex offender Jeffrey Epstein.

This was Starmer’s first public statement since dismissing Mandelson last week. The prime minister is facing questions over his judgement, including from Labour MPs, after initially standing by Mandelson before removing him from the post.

Keep ReadingShow less
Trump

Trump said the suspect had been arrested earlier for 'terrible crimes,' including child sex abuse, grand theft auto and false imprisonment, but was released under the Biden administration because Cuba refused to take him back.

Getty Images

Trump says accused in Dallas motel beheading will face first-degree murder charge

US PRESIDENT Donald Trump has described Chandra Mouli “Bob” Nagamallaiah, the Indian-origin motel manager killed in Dallas, as a “well-respected person” and said the accused will face a first-degree murder charge.

Nagamallaiah, 50, was killed last week at the Downtown Suites motel by co-worker Yordanis Cobos-Martinez, a 37-year-old undocumented Cuban immigrant with a criminal history.

Keep ReadingShow less
Starmer Mandelson

Starmer talks with Mandelson during a welcome reception at the ambassador's residence on February 26, 2025 in Washington, DC.

Getty

Starmer under pressure from party MPs after Mandelson dismissal

PRIME MINISTER Keir Starmer is facing questions within the Labour party after the sacking of US ambassador Peter Mandelson.

Mandelson was removed last week after Bloomberg published emails showing messages of support he sent following Jeffrey Epstein’s conviction for sex offences. The dismissal comes just ahead of US president Donald Trump’s state visit.

Keep ReadingShow less