The owners of kitchenwares retailer Laklend is considering putting the business up for sale after more than 60 years of ownership.
The retailer is owned by three sons of founder Alan Rayner, who have reportedly drafted in advisers from Teneo to scout out prospective buyers for the chain, according to Sky News.
PwC has also been bought in to advise Lakeland’s principal buyer HSBC.
A spokesperson from Lakeland told Sky News: “Lakeland is one of the UK’s most loved and trusted brands.
“In response to the challenging retail environment, we are considering a number of options to ensure a sustainable and long-term capital structure, which builds on our sixty-year heritage as one of the UK’s most innovative homeware retailers.”
The Windermere-headquartered retailer employs around 1,000 staff and currently has 59 stores across the UK.
Accounts filed on Companies House for the 2023 financial year, showed that Lakeland was “facing the most challenging economic conditions for several decades with high inflation leading to falls in demand for many traditional categories”.
The retailer’s audtiors warned of “material uncertainty… [about] the company’s ability to continue as a going concern” after sales for the year were flat at £153m.
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