Space NK owner said to have hired bankers to sell beauty chain

30th Apr 2024 11:55

(Sharecast News) - The owner of Space NK has reportedly picked bankers to handle a sale of the high street beauty chain that is expected to fetch more than £300m.

According to Sky News, private investment firm Manzanita Capital has engaged Raymond James to oversee an auction later this year.

Manzanita, which has owned Space NK for more than 20 years, is understood to have not yet made a firm decision on the timing of a sale of one of the UK's best-known beauty retailers.

A source told Sky 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 Austrian luxury skincare brand Susanna Kaufmann, is also 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.

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.

Both Manzanita and Raymond James declined to comment to Sky.