Seasalt abandons sale process on the verge of Next deal

Seasalt halts sale process amid uncertain market conditions
// Lifestyle retailer Seasalt has halted plans to find a buyer
// The fashion brand was close to striking a deal with Next which has now been scrapped amid uncertain market conditions

A week after news that Walgreens had abandoned the sale of Boots after suitors failed to meet its asking price, it has emerged that Seasalt has also scrapped plans to find a buyer, after coming close to striking a deal with Next.

The Cornish-based women’s lifestyle retailer has been looking into a potential sale and has been bringing in investors after seeing a boom in sales last summer.

According to The Times, while a possible deal with Next was on the table, the company has now stopped the sale process due to uncertain market conditions.


READ MORE: 


The founding family, the Chadwick brothers considered selling a majority stake, and the Times reported that the investment firm Davidson Kempner was interested at one point.

The brand was founded by Don Chadwick in 1981 and since then it has seen strong growth with 70 shops across the UK.

Seasalt said: “Following a period of meetings with potential investors, we have made a conscious decision to step back from the process and we will not progress with a sale of the business at this point in time.

“The current uncertain state of the market and the many unprecedented external factors affecting the economy obviously do not make this an ideal time for an investment that reflects the strength and quality of our business.

“Therefore, we will refocus our efforts on driving the business forward and progressing our plans to grow and build on our consistent and successful upward trajectory to date under our existing leadership and ownership structure.”

Click here to sign up to Retail Gazette‘s free daily email newsletter

LEAVE A REPLY

Please enter your comment!
Please enter your name here