FF hires advisers to explore potential Links of London sale
“Τhe company acknowledges certain reports in the media concerning a potential sale of Links of London [and] can confirm that it has appointed Deloitte and Savigny Partners to investigate the option of a full sale of the business, but that is the extent of their mandate at this point. Links of London remains in the process of a turnaround plan that the company continues to support,” the Greek retailer said in a statement.
The British jewellery firm has recently cut about 85 jobs, closed 15 stores in the US and moved its headquarters back to London as part of the turnaround plan.
The brand has been hit by the same retail storm that has forced several retailers to close down, fall into administration or pursue a company voluntary agreement (CVA).
But according to Professional Jeweller, Links’ radical restructuring led by new CEO Annia Spiliopoulos is working, with the firm seeing a 10% increase in sales in strategic stores in the year-to-date.
It has also achieved one-off savings of £2.1m and annualised savings of £5.1m thanks to the closure of five non-strategic stores in the UK and a further 15 in the US. Full-year profits are expected to be up by 14%.
Yet despite its progress, it seems FF Group is now on the hunt for an offer to buy the subsidiary.
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