Some of Britain’s best-known high street names, including Morrisons, PizzaExpress and Itsu, are being lined up for potential sales as private equity firms look to cash in on investments made during the pandemic-era dealmaking boom.
The owners of several major retail and hospitality businesses are exploring deals after a prolonged slowdown in the market left private equity investors holding on to companies for longer than originally intended.
According to the Financial Times, Morrisons, PizzaExpress, Itsu, Waterstones, Poundland and luxury gym chain Third Space are among the businesses attracting sale interest or whose owners are considering an exit.
The flurry of activity follows last week’s £6.7bn deal to sell Boots to Canada’s billionaire Weston family, which has raised expectations that more of Britain’s household-name brands could soon change hands.
Many equity firms snapped up UK businesses when borrowing was cheap and valuations were buoyed by the pandemic, only to find themselves navigating soaring inflation, higher interest rates and a prolonged squeeze on consumer spending.
Now, with pressure mounting to return money to investors, owners are testing whether buyers are finally prepared to pay the prices they want.
Among the biggest potential transactions is Morrisons, which was acquired by US private equity firm Clayton, Dubilier & Rice for £7bn in 2021.
The supermarket has struggled to regain ground against Tesco, Sainsbury’s and the German discounters in recent years, while also contending with the debt burden associated with its takeover.
Earlier this month, it emerged that Sainsbury’s had held talks about acquiring Morrisons in a deal that would have dramatically reshaped Britain’s grocery sector.
Those discussions, which took place in late 2025, collapsed in February after the two sides failed to agree on a price.
Nevertheless, the fact that the talks took place at all suggests supermarket consolidation is back on the agenda, seven years after competition regulators blocked Sainsbury’s proposed merger with Asda.
Waterstones has also been weighing up a potential stock market flotation, while Poundland’s owners are looking to offload the struggling discount retailer.
But businesses facing falling sales, heavy debts or substantial turnaround costs present a more difficult proposition, particularly when borrowing remains considerably more expensive than it was during the last private equity buying spree.
There are signs that the market is beginning to thaw. UK retail deals have reached $10.1bn across 54 transactions so far this year, more than double the value recorded over the same period in 2025.
Yet the number of owners now considering an exit does not necessarily mean buyers will rush to meet their valuations.
For some of the high street’s biggest names, finding a new owner may prove easier than agreeing what their businesses are worth.
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