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First round bids received for iconic Dr Martens brand

First round bids for Dr Martens have been submitted by private equity firms looking to snap up the British-owned footwear brand.

According to the Independent on Sunday, private equity firm Electra Partners is thought to be a bidder for the brand.

Dr Martens’ owner R Griggs Group appointed investment bank Rothschild in February to seek out potential buyers for the brand run by Max Griggs, whose father bought the rights to Dr Martens from a German firm after the Second World War.

First round bids were due last week and it is thought that some could be up to £120m to acquire the brand.

The company has enjoyed a turnaround in recent years after nearly going under a decade ago. Last year revenue shot up 33%to £110m with the US accounting for half its sales.

Pre-tax profits more than tripled to £15.3m.

Dr Martens boots were originally designed as standard footwear for the German army. The brand now sells boots, shoes and clothing under the Dr Martens label.

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