Ann Summers
November 23, 2024
The Gold family, which has owned Ann Summers for more than 50 years, is exploring options for the lingerie and adult products retailer that could include selling a partial or majority stake.
The family is reported to be close to hiring corporate advisory firm Interpath to run a strategic review that could lead to the disposal of a large stake in the chain. Ann Summers is said to have been in talks with Interpath for several weeks, although the firm had not been formally instructed. The family still owns 100 percent of the company's equity. People familiar with the matter said some dilution of the family's holding was likely, but that it was far from certain a controlling stake would be sold.
Chair Vanessa Gold said in a statement: "We, like many other retailers, are dealing with the unhelpful backdrop to business of the decisions announced by the government at the Budget and the rising cost to retail. As a family-owned business, we are in a fortunate position and have committed investment for over 50 years. This has created a robust and resilient business. We are exploring a number of options to further grow the brand into 2025 and beyond."
Ann Summers trades from 83 stores and employs more than 1,000 people. Private equity firms and other retailers were expected to show interest, and any formal process was not expected to produce a result until 2025. Interpath declined to comment.
The review follows news earlier in the week that the Gold family had lent the business GBP 5 million as it continued to report losses.