Space NK owner Manzanita preparing £400m sale - report

4th Apr 2024 11:05

(Sharecast News) - The long-standing owner of high street beauty retailer Space NK is reportedly preparing to put it up for sale with a price tag of more than £300m.

According to Sky News, private investment firm Manzanita Capital has approached investment banks about initiating a process that would see Space NK changing hands after more than 20 years under its ownership.

Retail industry sources told Sky on Thursday that bankers were expected to be appointed in the near future, although it was unclear which firm would land the mandate. One said that based on Space NK's financial performance, it could be worth between £300m and £400m.

Manzanita, which also owns the French perfume house Diptyque and Australian skincare brand Susanne Kaufmann, is said to be undecided about whether to sell a minority or controlling interest in Space NK.

Founded in 1993 by Nicky Kinnaird, Space NK - which is named after her initials - trades from 76 stores and employs more than 1,000 people. It specialises in high-end skincare and cosmetics products, and has reported a robust post-Covid trading performance.

Manzanita previously explored a sale of Space NK in 2018, hiring Goldman Sachs to handle a strategic review, but opted not to proceed with a deal.

Manzanita and Space NK both declined to comment to Sky.