Home
Distressed Businesses
  • All Distressed Businessess
  • Administrations
  • Liquidations
  • Winding Up
  • Insolvency Advice  New
Buy a Business
  • All Businesses for Sale
  • Find a Business for Sale
  • Raising Business Finance
  • Buyer Acquisition Service   New
  • Escrow Service   New
Sell a Business
  • Sell Your Business
  • List your Business
  • Seller Accounts
  • Need Help Selling?
  • Help With Finance New
  • Corporate Services  New
  • Business Valuation
  • Business Wanted Adverts
Insights & News
  • View All News
  • View All Insights
  • Exclusive Insights New
  • Video Insights
Lens
  • Search all UK Companies  New
Log in
Join Now

Home / News / Shoe retailer Office up for sale

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

Premium Gardening Supplies Online Retailer
UK Wide

Well-established business operating for over eight years. Specialises in the online sale of both own-brand and leading brands of gardening and horticultural supplies across the UK. Enviable client base comprising a number of long-standing relationshi...

Asking Price: Offers Invited
Turnover: £9,000,000

RELOCATABLE


Local Post Office & Convenience Store
London, UK

This is a well established and well used local post office situated in a densely populated area of East London. The area surrounding the business is extremely busy through the week and weekends due to the travel links and leisure facilities close by.

Asking Price: Offers Invited
Turnover: £660,000

LEASEHOLD


Online Retailer Of Roof Windows & Lights
UK Wide

Offers an extensive selection of quality products, including pitched and flat roof windows, composite and uPVC windows and doors, and roofing products. Works with leading manufacturers to supply premium, branded products, many of which are exclusive...

Asking Price: Offers Invited
Turnover: £10,600,000

FREEHOLD



View more businesses for sale

News Search

Latest News

 
19
 
Jan
 

Injection moulding business sold out of administration to employees | BUSINESS SALE

Conwy-based injection moulding company A2B Plastics Limited ...

 
18
 
Jan
 

AFH Financial Group ready to return to acquisition trail in 2021 | BUSINESS NEWS

In its yearly report to October 2020, wealth manager and adv...

 
15
 
Jan
 

Buyer sought for portfolio of pubs | BUSINESS SALE

Five pubs that formerly operated under the Authentic Alehous...

Free guide: 10 Biggest Buyer Mistakes

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

Email


Related News

 
12
 
Nov
 

LK Bennett poised to launch CVA | BUSINESS NEWS

Premium womenswear retailer LK Bennett has launched a propos...

 
12
 
Jun
 

Le Pain Quotidien to close 10 UK locations in pre-pack administration | ADMINISTRATION

The British arm of Belgian bakery chain Le Pain Quotidien ha...

 
06
 
Apr
 

Cath Kidston set to enter administration | ADMINISTRATION

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

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

Become a Member

News Categories

  • - Business Sale
  • - Division Sale
  • - Administration
  • - MBO/MBI
  • - Merger
  • - Commercial Property

View all news


About Us

Business Sale Report is the UK's leading independent business for sale & distressed business listing service. Established in 1995, the report offers an up-to-the-minute, comprehensive overview of businesses for sale, latest distressed business listings and daily acquisition news.

Our Services

Businesses for Sale
Distressed Companies
List a Business
Help with Finance
Buyer Acquisition Service
Daily Financial Alerts
Small Businesses for Sale

Company

About Us
Insights
News
FAQs
Reviews
Terms & Conditions
Privacy Policy

Get In Touch

020 8875 0200
[email protected]
167 Oakhill Road, London, SW15 2QW
Working hours: Mon-Fri, 9am - 5:30pm


Sign up to our free newsletter



© 1995-2021. Business Sale Report Ltd. All rights reserved. www.business-sale.com.