David Reiss, the Founder of Reiss, is in advanced talks to sell a stake in his company to Warburg Pincus.
According to Sky News Warburg Pincus, a private equity group and buyout firm, is close to purchasing a stake worth £250m.
Previously, Reiss himself has expressed doubts about the prospects for rivals selling majority stakes in their businesses. According to those close to him, Reiss intends to retain his majority interest. His chain is currently one of the most high profile brands on the high street not to rely on external investment
“Owner-drivers have a vision but when you hand the reins down to other people, that drive and vision goes to other people. You have to have someone at the top who has energy, drive and spirit to make things happen,” Reiss told The Telegraph in 2006.
Warburg Pincus already controls Pound and Premier Foods, and this marks their first foray into luxury retail. According to Sky News, Warburg Pincus has also seen off competition from other potential backs, including Permira.
Reiss currently operates 130 stores, 80 of which is in the UK. Founded in 1971, David Reiss has been with his company for over 45 years.