Sun, 27 Feb 2011 | BUSINESS SALE
Shareholders of fashion retailer All Saints have appointed Ernst & Young to consider a possible sale of the chain, which could bring as much as £140 million.
The chic retailer, with 63 stores and 47 concessions across the United Kingdom, Europe, Russia and the United States, is mostly owned by entrepreneur Kevin Stanford, with sizable stakes owned by Glitnir and Kaupthing’s administrators. They are seeking to realise cash from the holdings of the failed Icelandic banks and it is understood that Stanford has agreed to roll over some, or even all, of his stake if required.
There have apparently been a number of approaches for the profitable grunge fashion business. All Saints recorded sales of £132.9 million in the year to 31 January 2010, up 46 per cent on the previous year. Profits rose dramatically from £4.5 million to £10.7 million.
Firm plans are believed to be in place for the retailer to continue its fast-track international expansion, which chief executive Steven Craig would like to see through under any new ownership.
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