Shoe retailer Office up for sale

Thu, 16 Apr 2020 | BUSINESS SALE



High street footwear retailer Office has been put up for sale by its South African parent company Truworths International.

Truworths International has hired professional services firm Alvarez & Marshal to oversee an accelerated sales process for the business, which has 130 stores across the UK, Germany and Ireland, as the coronavirus pandemic hits trading performance.

It is unclear whether a solvent sale of the business is possible, but, according to information sent to prospective bidders, it is "anticipated that a sale will be completed within a short time-frame".

Truworths International acquired the Office chain in a 2015 deal worth around £250 million, marking its first foray into Europe, as the South African group looked to diversify.

Last year, Truworths International had considered a formal restructuring of Office through a company voluntary agreement (CVA) following a period of decline. However, it instead reached an agreement to refinance funding for the chain, with loss-making stores closing upon the expiry of their leases.

In its most recent accounts, to the year ending June 30 2019, Office reported sales of £285.2 million, down slightly from £285.5 million the year before. Its EBITDA for the year was £9.5 million, significantly down from £21 million the year prior, while gross margin fell from 44.4 per cent in 2018 to 42.3 per cent in 2019.

The company said that the UK’s tough trading environment had lead to a drop in sales, gross margin and EBITDA, but said that a “number of initiatives”, including the refinancing of debt and the transformation of its flagship Oxford Street store, left it “well placed for the future”.

According to those accounts, Office held fixed assets of close to £10.9 million, with current assets of just over £179 million and net assets of £147.9 million.



Find businesses for sale here.

If you are looking for an exit, we can help!


Share this article



Latest Businesses for Sale

Grocer & Florist
Hampshire, UK Wide

The business for sale is a dedicated retailer, providing warm and friendly customer service to ensure a satisfied and ever-increasing customer base. Great reputation with an established customer base. Well-established in the community, this business...

Asking Price: £150,000
Turnover: £400,000

LEASEHOLD


Online Electrical Appliance Sales & Repairs Superstore
West Midlands, UK

Very long established superstore with excellent e-commerce website offering extensive market-leading product range. Operates from spacious and superbly fitted triple parade showroom & workshop premises with huge volume of year-round 'walk in' trade o...

Asking Price: £995,000
Turnover: £330,834

FREEHOLD


Kitchen Interior Company
London, UK

Bespoke kitchen interior company. This is a fantastic opportunity to acquire a business that designs and manufactures a wide range of quality kitchens, furniture and other accessories for their loyal client base. Offers invited.

Asking Price: £600,000
Turnover: £750,000

LEASEHOLD



View more businesses for sale

News Search

Latest News

 
24
 
May
 

Over 50 hotels and travel brands up for sale as leisure company collapses | ADMINISTRATION

The parent company of coach holiday company National Holiday...

 
22
 
May
 

Owner of Joe.co.uk enters administration | ADMINISTRATION

Joe Media Limited, the UK parent company of social news webs...

 
21
 
May
 

South London-based law firm acquired in pre-pack sale | BUSINESS SALE

Croydon-based McMillan Williams Solicitors (MSW) has been so...

Free guide: 10 Biggest Buyer Mistakes

Sign up to receive our acquisition alert emails to get your FREE guide

Email


Related News

 
06
 
Apr
 

Cath Kidston set to enter administration | ADMINISTRATION

Clothing, accessories and homeware retailer Cath Kidston has...

 
19
 
Mar
 

Prominent stationery supplier enters administration | ADMINISTRATION

Another British high street retailer has fallen victim to th...

 
28
 
Sep
 

Software company acquired by Ideagen | BUSINESS SALE

Morgan Kai Group Limited, a software company headquartered i...

Want access to the latest businesses for sale?

Business Sale Report is your complete solution to finding great acquisition opportunities.

Join today to receive:

  • Comprehensive range of businesses for sale
  • Make direct contact with business sellers or their intermediaries
  • Access to all UK administrations, liquidations and winding-up petitions
  • Daily email alerts for the latest businesses for sale & distressed notifications
  • Business Sale Report publication posted to you every month
  • Advertise your acquisition requirements on our "business wanted" section

All this and much more, including the latest M&A news and exclusive resources