Space NK owner Manzanita Capital has appointed bankers as it eyes a potential sale of the premium high street beauty chain, Sky News has reported.

Space NK store interior

Manzanita Capital, a private investment firm that has owned Space NK since 2002, has appointed bankers at Raymond James to oversee an auction later this year.

Space NK could be valued between £300m and £400m, based on its latest financial performance. However, Manzanita Capital is undecided about whether to sell a partial or controlling interest in retailer at this stage.

This comes after Sky News reported that the owners of the beauty chain had approached investment banks as it prepared to put the business up for sale.

Manzanita also owns French perfume house Diptyque and Austrian luxury skincare brand Susanne Kaufman. It had previously explored a sale of Space NK in 2018 when it appointed Goldman Sachs to handle a strategic review of the business but opted not to proceed with the sale.

The premium beauty chain trades out of 76 stores in the UK and employs more than 1000 people. In the year ending March 31, 2023, Space NK nearly tripled its earnings before interest, tax, depreciation and amortisation to almost £6m.

Space NK declined to comment.