Mon, 06 Jun 2011 | BUSINESS SALE
Women’s fashion retailer Jane Norman has been put on the block after suffering falling sales. PwC has been brought in to manage the sale on behalf of the majority owners - a consortium of about 15 banks. The firm’s management owns 20 per cent of the business.
It is understood that PwC has sent out sale information on the retailer to a number of potential purchasers including private equity and turnaround companies. Debenhams, which has rescued troubled concessionaires in the past, is also expected to be interested in the fashion chain.
Previously owned by Icelandic investor Baugur and failed Icelandic bank Kaupthing, it was taken over by the UK bank consortium when the Icelandic institutions crashed in the credit crisis.
Founded in 1952 by the Freed family in north London, Jane Norman has more than 200 shops and concessions in Debenhams department stores in the UK and Ireland. It also runs a few franchises in Europe and the Middle East. The fashion company targets its clothing towards 16 to 25-year-old women.
Sales for the year to March 2010 were £144 million, down from £148 million the year before. The company cut its staff numbers by 7.5 per cent to 1,600 in order to reduce its operating costs last year.
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