By Grace Bowden2019-07-22T10:23:00
A controlling stake in Liberty has been sold by current owner BlueGem to private equity consortium Glendower Capital.
The department store chain’s current parent company BlueGem has netted a significant return from its 40% stake in the business, having acquired a controlling share of Liberty for £32m in 2010.
BlueGem founder Marco Capello will stay on as non-executive chairman of the business under its new owners, and he alongside a majority of existing Liberty investors will hold onto their shares in the retailer.
Liberty, which was founded in 1875, recorded an 8% rise in group sales to £133m in the year to February 2018, while pre-tax profits more than tripled to close to £7m. about 60% of which has come from selling own-brand lines.
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