Fri, 18 Apr 2025 | MBO/MBI
Windermere-based family-owned household goods retailer, Lakeland, has undergone a management buyout for an undisclosed sum.
Funded by Hilco, a management team, led by Lakeland chief executive Catherine Nunn, has secured the deal enabling Lakeland’s family owners, Sam, Martin and Julian Rayner to formally retire from the 60-year-old business.
As part of the agreement, including 58 stores, Hilco Capital has provided financial backing for Lakeland’s operating board to complete the buyout. This new long term capital funding structure will provide a foundation for the future growth and success of the business.
The newly formed board will be led by Nunn, will continue to lead the day-to-day running of the business, alongside chief financial and operating officer, Stephen Hill and chief commercial officer, Neil Piggot.
Nunn said: “It’s been a great privilege to work alongside Sam, Martin and Julian since I joined the business nearly ten years ago. Their energy and commitment to our customers and colleagues is a shared passion, and one that I know will always belong at the heart of our business. Whilst it’s not easy to end such an important chapter of Lakeland’s story, I’m excited to look to the future and grow our business, working collaboratively with the team at Hilco Capital.”
Rayner said: “Looking forward and implementing the right funding model and foundation for the future of Lakeland has been extremely important to us. As we hand over the day-to-day management of Lakeland to Catherine, Stephen and Neil, we do so with confidence in their leadership and in the strength of the team around them. Though we are stepping away from the business, we will always feel deeply connected to Lakeland and look forward to seeing it thrive in the years ahead.”
Hilco Capital said: “We believe that Lakeland is a very special business, and we are excited to be supporting Catherine, Stephen and Neil as they move into a new era for the brand. The retail sector is a challenging space right now, and Lakeland hasn’t been immune to that. Nevertheless, we see huge potential in the business and a bright future. We look forward to seeing the business grow and develop in the years to come.”
The business employs 1,000 staff across its UK stores and three stores in the Gulf states. Lakeland also operates a distribution centre in Kendal.
In the last set of financial results filed at Companies House, Lakeland reported a £1.95 million loss on turnover of £153 million.
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