Oct 27, 2020
Notonthehighstreet mulls £200m sale on revenues surge - report
Oct 27, 2020
The pandemic may have sounded the death knell for a number of retail businesses in the UK, but some have positively thrived, particularly those trading online. And it seems that Notonthehighstreet (or Noths for short) comes into that category with the result that the company is considering putting itself up for sale.
A report on Tuesday said that it had seen surging revenues since the onset of the pandemic and the company is now working with an investment bank on an auction that could see it being priced at around £200 million or more.
The report was from Sky News, which has a good track record of getting these things right. The company hasn’t commented on the story though.
Noths was founded in 2006 by Holly Tucker and Sophie Cornish and analysts have said that it could be of interest to both private equity groups and trade bidders.
The company has a strong business model and acts as a marketplace for around 5,000 small business owners offering products that can't be easily found elsewhere. Its categories include jewellery, decorative homewares, gifts, clothing, beauty products and gift foods, among others.
Despite the likelihood of any sale producing a bidding war among keen potential buyers, the company has been loss-making and in its last set of results (for the year to March 2019) reported a £1.5 million net loss and revenues flat year-on-year at a little over £35 million.
The company is currently backed by investors including Germany’s Hubert Burda Media, Index Ventures, and a unit of asset management giant Fidelity.
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