Fri, 18 Oct 2013 | BUSINESS SALE
Dr Martens could soon be sold on to a private equity buyer in a deal worth about £300 million. It is considered likely that the brand name will remain separate and the buyer would acquire a license to use it.
Private equity firm Permira, the owner of high street shop New Look and luxury brand Hugo Boss, is said to be in advanced discussions with the Griggs family, who have owned Dr Martens since 1960.
Unnamed sources close to the proceedings say the deal could be finalised within a month. This is the second time the business has been placed on the market in two years. R Griggs Group held an auction early last year, with interest from major investors and companies, but did not attract a high enough bid to sell.
Bill Griggs stepped into the business in 1960 after spotting an advertisement placed by Germans seeking investment in the, now iconic, air-cushioned sole.
Ten years after the business almost went bust, profits are now expected to reach £30 million this year, and the boots, shoes and accessories are sold in 63 countries. Dr Martens was rescued at the time by moving operations to China and closing UK factories, with hundreds of job losses.
Created as protective footwear for workmen, the boots entered the mainstream after being worn by The Who frontman Pete Townshend in 1966. They are still very popular today and have more recently been worn by actress Drew Barrymore and performer Miley Cyrus.
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