Go Outdoors seeks investors to fund expansion
21 March 2011 10:13
Go Outdoors, the outdoor clothing and equipment retailer, is looking to sell a minority share to a private equity firm to fund its expansion plans.
The 27-store chain is in negotiations with a number of private equity groups, including 3i, to sell a stake of around 20%.
John Lovering, former chairman of Debenhams and Mitchells & Butlers, was appointed chairman of the company last August and since then, the retailer has been the subject of intense speculation. Mr Lovering is known as a deal maker in the retail and private equity world.
Last year, Go Outdoors held takeover talks with Blacks Leisure, owner of the Millets and Blacks chain, about a potential bid for the group. However, this never materialised as Go Outdoors was believed to be interested in acquiring only the Blacks chain.
In the year to January 30th 2011, Go Outdoors achieved sales of £114.9 million, with pre-tax profits soaring to £4.25 million.
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