Thu, 25 Feb 2010 | BUSINESS SALE
Numerous private equity firms are soon to submit second round bids for vintage floral clothing retailer Cath Kidston, which is on the market for £75m.
First round bidders include Barclays Private Equity, Inflexion, Silverfleet Capital, Darwin and ISIS, all of which are expected to put in second round bids in the next couple of weeks. The sale is being carried out by the bank Quayle Munro.
Cath Kidston aims to find an investor to purchase a major shareholding in the business to fund store expansion in the UK and the Far East.
The retailer currently has 28 shops and concessions in the UK, and plans to double the number to 60 in three years. It also aims to expand its five stores in Japan to 50.
Designer Cath Kidston launched the business in 1993 with the opening of her first store in London, as a sideline while working in interior design. She owns a 30% stake.
The retailer is well known for its floral clothing range, and homeware products including crockery, wallpaper and bed linen.
Sales have jumped to £31.3m for the year ending 29 March 2009 compared to £19.3m for the previous year.
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