It has been reported that the Owners of Lakeland are exploring the possibility of selling the kitchenwares chain after more than 60 years, ahead of tax rises in April.
The retailer, which is controlled by the three sons of Founder Alan Rayner, is thought to be working with advisors at Teneo to scout prospective buyers, Sky News reported.
A spokesperson from Lakeland stated: “Lakeland is one of the UK’s most loved and trusted brands.
“In response to the challenging retail environment, we are considering a number of options to ensure a sustainable and long-term capital structure, which builds on our sixty-year heritage as one of the UK’s most innovative homeware retailers.”
PwC is also understood to have been hired to advise Lakeland’s principal lender HSBC.
The retailer, which employs around 1,000 people, operates 59 stores across the UK and is headquartered in Windemere.
The retailer’s accounts filed at Companies House for 2023 warned that it entered that year “facing the most challenging economic conditions for several decades with high inflation leading to falls in demand for many traditional categories”.
Lakeland’s auditors warned of “material uncertainty… [about] the company’s ability to continue as a going concern” after sales for the year were flat at £153m.
