Business
Is This The Right Time To Sell Your Business?
July 27, 2021
January 24, 2025
By Evans Momodu
1 minute read
The family-owned retailer Lakeland, known for its kitchen appliances and products, is exploring a potential sale after over 60 years in business, driven by growing cost challenges facing Britain’s retail sector.
The three sons of founder Alan Rayner, who currently control the business, have hired advisers to assess interest from prospective buyers.
Lakeland, originally established in 1964 as Lakeland Plastics, has approximately 1,000 staff across its 59 stores, its Windermere head office, and its distribution centres.
The company has enlisted Teneo as financial advisers, with bidders reportedly being approached in recent days. Additionally, PricewaterhouseCoopers is advising HSBC, Lakeland’s principal lender, on the process.
Like many retailers, Lakeland is grappling with financial pressures, including the tax increases announced in Chancellor Rachel Reeves’s October budget, which have significantly impacted the company’s finances.
Source: Sky news
