Thu, 15 Jul 2010 | BUSINESS SALE
Womenswear retailer Fenn Wright Manson, which has concessions in House of Fraser and John Lewis, has been put on to the market by its founders after 36 years.
A sales memorandum for the retailer, which has 12 stand alone shops in the UK and 63 concessions with some overseas, was sent to potential investors last week.
As the firm, founded by Colin Fenn, Trevor Wright and Glynn Manson, is 'profitable and expanding', it is expected to attract substantial interest from small to mid-sized private equity firms.
Based on a potential price tag of ten times its earnings and accounting for a recent improvement in profits, it could be sold for between £15 million and £20 million, or more.
According to its latest filed accounts, Fenn Wright Manson delivered operating profits of £1.46 million for the year to 31 January 2009, down marginally on the £1.64 million delivered the previous year.
Its total sales grew by eight per cent to £23.3 million in the year to January 2009 and its performance has improved since then.
Four new stores are planned for the near future and the retailer, which also has a wholesale business, said its launch of a fashion range for petite women last autumn had been 'successful'.
The latest annual report said, "The new financial period [from 1 February 2009] has performed well with an encouraging increase in like-for-like sales, despite a gloomy market."
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