Space NK has confirmed the banking firm that will oversee its potential £400 million sale. Manzanita Capital, the owner of the high street beauty chain as well as other notable brands like Diptyque, Byredo, and D.S. & Durga, has enlisted the services of investment bank Raymond James to manage a potential auction later this year, according to Sky News.
While the exact timing of the sale remains undecided, Manzanita Capital is contemplating whether to sell a minority or controlling interest in the retailer. Space NK, on the other hand, has not officially confirmed its exploration of a sale. However, CEO Andy Lightfoot hinted at the possibility, stating that after closing the financial year with record results, it would be surprising if they didn’t seek advisors to guide their next phase of growth. Lightfoot expressed excitement about the future plans that aim to elevate the standards of beauty retail in the UK.
This is not the first time Space NK has considered a sale. In 2018, the retailer hired Goldman Sachs to oversee a potential sale but eventually decided against pursuing the deal. The recent reports of a potential sale follow a successful sales period for Space NK, with a notable 23% increase in sales, amounting to £146.6 million for the financial year ending in March 2023.
Despite the potential sale, Space NK is also focused on expanding its store presence. The retailer plans to open at least four more stores in the UK and Ireland in 2024, signifying a commitment to growth and catering to the demands of beauty enthusiasts.
