JEWELLER Aurum Holdings, owned by failed Icelandic bank Landsbanki, has been put on the block for as much as £200m.
Aurum, which owns 165 Mappin & Webb, Watches of Switzerland and Goldsmiths stores, posted core earnings of £16.1m, up 53 per cent, on like-for-like sales of £326m in the year to 30 January 2011.
Aurum is controlled by the resolution committee of failed Icelandic bank Landsbanki, which acquired its stake when Iceland’s Baugur Group placed its UK arm into administration in 2009. Aurum’s chairman and management team also own stakes.
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CAVENDISH CORPORATE FINANCE
PAUL Herman is advising Aurum on the sale of the jewellers. Yesterday, he said the business had received interest from UK mid-market jewellers and a number of firms based in the Middle East. He predicted the sale process would culminate in a two-way run between a UK player and a Middle East buyer.
Herman, a chartered accountant who is fluent in French, joined Cavendish in 2000 and heads the retail team at the advisory firm. He has led transactions for top clients such as stationers Smythson, womenswear retailer Etam and portrait photographer Olan Mills.
City A.M. Reporter