Mon, 06 Feb 2012 | BUSINESS SALE
A sale is being sought for the well-loved Dr Martens footwear brand, which has been owned for over 50 years by R Griggs Group.
Investment bank Rothschild has been hired to seek out possible buyers. It has been predicted by retail experts that the brand could be worth up to £120 million in a sale. A full or partial sale will be considered, as well as other options.
R Griggs is a UK-based shoemaker, run by Max Griggs, whose father, Reginald, purchased the rights to Dr Martens from the German owners after the Second World War.
The air-cushion-soled boots were originally created by Dr Klaus Maertens, who used leftover rubber from Luftwaffe airfields. Worn by factory workers, postmen and patrolling police, the boots were then adopted by skinheads, and worn by bands The Clash and The Who.
Having fought for survival ten years ago, R Griggs recorded revenues of £110.2 million in 2011, up from £82.9 million the year before, as the group continues its expansion into the US, where 42 per cent of sales are taken.
The slowdown in sales a decade ago led to R Griggs moving production to China and Thailand. The brand’s original factory in Wollaston, Northamptonshire was reopened in 2007 to make vintage style boots.
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