Space NK owner Manzanita Capital has hired bankers to handle the sale of the beauty chain, which is expected to fetch more than £300m.
The private equity firm has picked Raymond James to oversee an auction later this year, Sky News reported.
Manzanita is understood to have not yet made a firm decision on the timing of the sale of premium beauty retailer.
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The firm, which has owned Space NK for more than 20 years, is also said to be undecided on whether to sell a minority stake or controlling interest in the retailer.
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.
One source estimates that Space NK could be worth between £300m and £400m based on its recent financial performance.
According to filings at Companies House, the beauty retailer’s EBITDA nearly tripled to £6m in the year to 25 March 2023.
Space NK, which trades from 76 stores and employs more than 1,000 people, revealed today that it is due to open its second Manchester location later this year in the city’s Trafford Centre.
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