Fashion and footwear retailer LK Bennett is to be sold to Phoenix Equity Partners for between £80 million and £100 million.
The retailer, which was put up for sale at the end of last year, is understood to have entered in to exclusivity with Phoenix Equity Partners and the deal is due to be completed within the next few weeks, according to sources close to the situation.
The final sale amount is believed to be between£80 million and£100 million, somewhat below the£150 million price tag founder Linda Bennett is understood to have been seeking.
In May, LK Bennett confirmed that Phoenix Equity Partners and San-Francisco based Golden Gate Capital were in the final round of the bidding auction.
Bennett originally tried to sell the business four years ago, but pulled the plug after poor Christmas trading meant that offers fell short of the then£75 million asking price.
LK Bennett has more than 70 shops across the UK and Ireland.
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