Liberty appoints advisers to review the business
Liberty has confirmed it is set to appoint advisers to lead a review of the business, which could lead to a sale of the iconic London department store.
In a statement this morning Liberty said: “Following a strong trading performance during the first half of 2009, it [the board] is appointing advisers to undertake a review with the aim of identifying ways in which the business can be developed and expanded, both within the UK and internationally.”
The statement follows press reports over the weekend that Liberty was set to appoint corporate advisory houses firms Cavendish Corporate Finance and Global Leisure Partners to find a new investor for the business.
The Sunday Times reported that Liberty, which is majority owned by property firm MWB Holdings, would look to bring in a new investor, potentially from overseas, to take all or part of the company’s 68% stake.
Sources denied to the newspaper that MWB’s motive for considering a sale of the premium department store was to reduce its £358m debt.
The strategic review of Liberty is not expected to get underway until after the summer.
Last month Liberty sold off its Liberty of London standalone in Sloane Street, less than a year after it opened the store. It said that the closure of the store would save it £500,000 a year.
In April it reported that losses at the business had widened to £7 million for the year to December 31.