Mon, 23 Jul 2012 | BUSINESS SALE
Footwear brand Dr Martens has ended talks to sell the business, it has been confirmed.
The family owners of R Griggs, which manages the firm, halted discussions with potential buyers claiming that the offers they had received failed to reflect a fair value for the brand.
Reports in June suggested that the owners were looking for about £200 million for the brand but that an offer in this region had not been found in the months since February that the firm has been on the market.
David Suddens, Dr Martens chief executive, commented: “There are few brands around with the global reach, unique positioning and heritage of Dr Martens.
“The family owners have decided that best value for the business will be achieved by focusing on the delivery of existing plans for profitable growth without further distraction.”
A solid growth in sales was recorded in the past year, with sales rising 15 per cent to £126 million in the year to 31 March. Meanwhile, EBITDA grew by 20 per cent to £22.6 million and the firm predicts sales and profits to grow by a further 20 to 30 per cent this year due to an increase in international sales.
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