Outdoor equipment retail group Blacks has revealed that it is currently seeking potential buyers, having failed in its bid to secure funds for a planned restructuring.
In a statement issued by the company today, Blacks – which owns big-name high street brands including Millets, Peter Storm and Alpine – confirmed that it was willing to discuss alternative investment options after its earlier strategic plan proved unsuccessful.
“The group has now met with the majority (by value) of its existing shareholders and also a number of potential new investors,” the firm stated. “The directors now wish to invite offers to support further investment in the group, which is most likely to involve a sale of the company or sale of one or more of the group’s brands.”
Blacks’ net bank debt stood at £36bn at the start of the week and a profits warning was issued towards the end of last month. A new chairman and chief executive have been appointed since May and it is hoped a full or partial sale will be completed by January.
The British Retail Consortium this week urged the government to step up its efforts to support the UK retail industry, citing concern over continued weakness in consumer confidence.
