House of Bruar owners consider sale
Luxury goods retailer House of Bruar may be put up for sale following the announcement that the founders of the business are to retire.
The family owned business dubbed the Harrods of North, conducted a strategic review after owners Mark and Linda Birkbeck decided to withdraw from the business which they founded in 1993.
The pair, who have previously received indicative offers of around £50 million for the company, still own 79.9% of its shares.
Their son, Patrick Birkbeck, hopes to remain as the company’s managing director if a sale materialises.
In a statement the company said: “The strategic review includes the possibility of the sale of the company, provided that, a fair price reflecting the significance of the House of Bruar can be agreed with a potential buyer. If it is not, then the shareholders will pursue their other alternatives and retain their ownership of the company.”
It continued: “The strategic review acknowledges the fact that in recent years a number of parties have expressed an interest to the owners in investing both in the site and brand given the potential these offer for further development.
“It should be understood that the existing management team is committed to the future of the company either independently or in conjunction with a suitable owner should one be identified.”
House of Bruar employes 200 people at its store in Blair Atholl. Pre-tax profit rose 3.2% to £4.1 million in the year ended 31 January 2010.
