The owner of beauty chain Space NK has begun a formal sale process expected to be worth £300- £400m.
The news arrives more than a year after bankers were hired to auction the chain.
Bankers at Raymond James have started to contact prospective bidders in recent weeks, despite low consumer confidence, according to Sky News.
Owner and private investment firm Manzanita Capital has owned the high street beauty retailer for over 20 years, and first contacted bankers at Raymond James in April 2024.
It is not expected to complete a sale unless it receives an appropriate offer. Sky News said one party contacted about a potential bid said Space NK seemed to be doing well financially.
Space NK was first established in 1993 by founder Nicky Kinnaird, and employs around 1,000 people.
Owner Manzanita also owned the French perfume house Diptyque and Australian luxury skincare brand Susanna Kaufmann.
It first explored a potential sale of Space NK in 2018 but decided not to go ahead with any deal.
No comments yet