Office hires advisors for possible sale
BRITISH fashion and sports footwear retailer Office has hired advisers, which could lead to a sale of the business.
The company – owned by West Coast Capital, the private equity vehicle of Scottish entrepreneur Tom Hunter – said on Friday it had appointed corporate adviser Hawkpoint in the UK and boutique investment firm Financo in the United States to advise on options for the business, including its possible sale.
“WCC has held the business for seven years now, so this is timeous [sic] in the lifecycle of private equity, particularly given we have received several unsolicited approaches for the business,” said Office chief executive Brian McCluskey.
Office trades from 124 stores, including concessions in Selfridges, House of Fraser, Harvey Nichols and Topshop. It also has an Internet business.
In the year to end-January 2010 it made earnings before interest, tax, depreciation and amortisation (EBITDA) of £18.6m, up 146 per cent, on sales of £135.7m up 29 per cent.