Hilco closes in on deal for Lakeland
Hilco Capital is reportedly getting close to a deal to fund a management buyout of Lakeland, the family owned kitchenware retailer.
According To Sky News, the investment firm and Lakeland’s management are in advanced talks with shareholders regarding a deal to take control of the business.
Headquartered in Windermere in the Lake District, Lakeland has around 60 shops in the UK and employs approximately 1,000 people.
Sky News reported in January that the retailer had appointed Teneo as financial advisers to assist it in exploring strategic options for the business. In addition, accountancy firm PricewaterhouseCoopers has been advising Lakeland’s main lender HSBC, which is expected to end its involvement with the business.
Never Miss a Retail Update!Over the last few months, Lakeland has been in discussions with potential buyers including Modella Capital, the new owner of WH Smith. It has also been seeking new funding as it faces cost headwinds including a rise in employers’ national insurance.
Founded in 1964 by Alan Rayner, Lakeland is now controlled by his three sons.
