The owners of Lakeland are exploring a sale after more than 60 years in business.
Sky News has reported that Lakeland, which is controlled by founder Alan Rayner’s three sons, has appointed advisers to explore interest in the retail chain.
It has been reported that Teneo has been engaged as financial adviser, with potential bidders having been contacted last week.
Lakeland is said to be facing a blow to its finances as a result of tax increases announced in the autumn budget last year.
Responding to an inquiry from Sky News, a spokesperson for Lakeland said: “Lakeland is one of the UK’s most loved and trusted brands. In response to the challenging retail environment, we are considering a number of options to ensure a sustainable and long-term capital structure, which builds on our 60 year heritage as one of the UK’s most innovative home retailers.”
PwC is also understood to have been hired to advise Lakeland’s principal lender, HSBC.
Lakeland’s accounts filed at Companies House for 2023, warned that it entered that year: “facing the most challenging economic conditions for several decades with high inflation leading to falls in demand for many traditional categories.”
