Three sons of the founder of retailer Lakeland are reportedly close to handing over control of the chain.
SkyNews reports that private equity company Hilco Capital is in advanced discussions with Lakeland and shareholders.
Family-owned Lakeland was founded by Alan Rayner and is currently run by his three sons. They have been looking to secure funding in the tens of millions, ahead of increased taxation from this month and the challenges of a difficult trading environment.
Accounts filed at Companies House for the year ended 31st December 2023 revealed Lakeland sales marginally down at £153m (2022: £154m). The business stated that it was “facing the most challenging economic conditions for several decades with high inflation leading to falls in demand for many traditional categories”.
In January, Lakeland reportedly appointed Teneo to identify a potential buyer and PwC was brought in to work with HSBC, Lakeland’s principle lender. At the time, a Lakeland spokesperson said that a number of options were being considered, for the sixty-year-old business, which is headquartered in Windermere and has a network of 59 UK stores, employing 1,000 staff.
