Space NK owner Manzanita Capital has launched a formal sale process of the beauty chain, more than a year since it appointed bankers to handle the sale.
According to Sky News, prospective bidders have been approached in recent weeks.
Manzanita Capital drafted in bankers at Raymond James last April to oversee an auction that could see the retailer fetch between £300m and £400m.
Related Story
The private equity firm, which has owned the beauty retailer for more than 20 years, is not expected to conduct a sale unless it receives an attractive offer.
Manzanita previously explored a sale of Space NK in 2018 when it hired Goldman Sachs to conduct a strategic review. It opted not to proceed with a deal.
According to filings at Companies House, the beauty retailer’s EBITDA nearly tripled to £6m in the year to 25 March 2023.
Click here to sign up to Retail Gazette‘s free daily email newsletter
