Funitureland sold to SB Capital
Retail investor acquires out-of-town retailer
February 3 2004
Furnitureland has been acquired by SB Capital Europe, marking the first major acquisition for the partnership formed to buy undervalued European retail assets and brands.
SB Capital Europe, formed by SB Capital Group and Soros Retail Estate Partners, has acquired the 22 store, out-of-town UK retailer from privately-owned Mere Capital.
Furnitureland, based in Croydon, Surrey, had been owned by Mere since 1998. Peter Dickson, who has held senior roles with Coats Viyella, Warner Bros, Freeport Leisure and Kingdom of Leather, has been appointed as executive chairman by the new owner.
Bob Marsh, chief executive of SB Capital Europe, said: “We believe there is tremendous potential for growing and developing Furnitureland into a significant force within the UK furniture industry.
“This is a great start for the platform. We are now looking for similar retail opportunities in the UK and Europe.”
SB Capital Europe has already been involved in several retail consulting, acquisition and liquidation projects in the UK, including work for Royal Doulton, Kingfisher, Mothercare and Hawkshead. It also unsuccessfully bid for electricals chain Powerhouse and music chain Sanity.
SB Capital parent company Schottenstein Stores Corporation owns five major retail chains in the US including Value City and American Eagle Outfitters.
