White Stuff chief denies sale process underway
Lifestyle retailer and brand White Stuff has strongly denied weekend reports that it is preparing for a sale or floatation.
Chief executive Sally Bailey told Drapers that majority shareholders Sean Thomas and George Treves have no plans to sell the business. She added that the business was not conducting a strategic review and had not appointed advisors with a view to a possible sale or floatation. “If someone came and offered £500m then yes it would be up for sale, but that’s not going to happen in this economic climate,” she said.
It was previously reported that founders Thomas and Treves, who together control 75% of the retailer’s equity were considering the appointment of advisors with a view to selling an undisclosed stake in the business in the next 18 months.
Bailey said the shareholders would look to sell off some of their stake at “some point in the next five years, but not at the moment in this economic climate”.
Bailey said she hoped to appoint a chairman to replace Vince Gwillian, who stepped down from his role in March, in June.