Wed, 19 Oct 2011 | BUSINESS SALE
Upmarket retailer The House of Bruar, also known as the ‘Harrods of the North’, may be placed on the market after the retirement of its founders, Mark and Linda Birkbeck.
A potential sale of the Perthshire-based business is part of a strategic review, and will occur “provided that a fair price reflecting the significance of The House of Bruar” can be agreed upon with a possible buyer.
The House of Bruar opened to its first customers in 1995, two years after the company was set up. Clothing brands such as Barbour, Gant, Hackett, Timberland and North Face are sold there, as well as homeware, gifts and food products.
The firm has been approached several times over the years by parties interested in investing in its 11-acre site and brand, with a view to its development potential. Trade and luxury goods firms interested in developing the Bruar brand, as well as private equity companies, are now expected to step forward.
Patrick Birkbeck, the founders’ son, has been running the business as the managing director for the past ten years, and will remain there post-sale. The sale would officially mark the founders’ withdrawal from the business and could net them a £40 million retirement fund.
The House of Bruar’s revenue for the year to January reached £18.9 million. With net assets at book value of £20.4 million, it has no debt.
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