- September 15, 2023
- Posted by: legaleseblogger
- Category: Related News
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Investment Firm Collaborates with EY on Sale of Online Bathrooms Specialist
The investment firm, Endless, which owns popular brands such as Hovis and American Golf, is reportedly working alongside EY to explore the sale of Victoria Plum, an online bathrooms retailer, according to insider sources cited by Sky News. This comes just over four years after Endless took control of the business.
The negotiations are said to be at an advanced stage, and it is anticipated that a deal will be finalized in the coming weeks. EY, a leading accountancy firm, is believed to be assisting with the sale process.
Endless, known for successfully turning around various businesses and taking companies public, purchased Victoria Plum in 2019. To support the firm during the sale, Endless injected £3 million of working capital.
The acquisition of Victoria Plum was made from TPG, a US-based private equity firm, which agreed to a reduced purchase price of £200 million.
In a possible expedited sale scenario, Endless might opt for a pre-pack administration approach, as mentioned by one source.
In other business news:
- Tata’s rescue deal serves as a wake-up call for the UK
- Supermarkets face accusations of employing questionable tactics
- US-based firm acquires Everton FC
While some home improvement and furniture retailers managed to weather the pandemic successfully, many have faced challenges in its aftermath due to soaring inflation.
Although the identity of Victoria Plum’s potential buyers remains undisclosed, industry insiders suggest that several trade players have expressed interest in acquiring the online bathrooms retailer.
Endless has declined to comment on the matter.
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