The long-standing proprietor of Area NK, the excessive road magnificence retailer, is getting ready to place it up on the market with a price ticket of greater than £300m.
Sky Information has learnt that Manzanita Capital, a non-public funding agency, has approached funding banks about initiating a course of that might see Area NK altering palms after greater than 20 years below its possession.
Retail trade sources mentioned on Thursday mentioned that bankers have been anticipated to be appointed within the close to future, though it was unclear which agency would land the mandate.
One mentioned that based mostly on Area NK’s monetary efficiency, it could possibly be price between £300m and £400m.
Manzanita, which additionally owns the French fragrance home Diptyque and Susanne Kaufmann, an Austrian luxurious skincare model, is alleged to be undecided about whether or not to promote a minority or controlling curiosity in Area NK.
Based in 1993 by Nicky Kinnaird, Area NK – which is known as after her initials – trades from 76 shops and employs greater than 1,000 individuals.
It specialises in high-end skincare and cosmetics merchandise, and has reported a strong post-COVID buying and selling efficiency.
Learn extra from enterprise:
Vodafone and Three merger unsure
Leaks reveal Put up Workplace scandal talks
Google could begin charging for ‘premium’ searches
In its most up-to-date accounts filed at Corporations Home, it mentioned that earnings earlier than curiosity, tax, depreciation and amortisation practically trebled within the 12 months that ended 25 March 2023 to virtually £6m.
Manzanita beforehand explored a sale of Area NK in 2018, hiring Goldman Sachs to deal with a strategic assessment, however opted to not proceed with a deal.
Manzanita and Area NK each declined to remark.
