The owners of footwear brand Dr Martens have ended talks to sell the business, saying that offers failed to reflect a fair value for the brand.
The family owners of R Griggs, which manages the footwear brand, have discontinued discussions with potential buyers. The business was put up for sale in February, and reports following in June noted that the owners were looking for £200m for the brand.
Earlier this month it was reported that an investment fund backed by a Russian billionaire was one of the companies in the running to buy the brand, however just two weeks on Dr Martens has been pulled from the market.
Chief executive David Suddens said: “There are few brands around with the global reach, unique positioning and heritage of Dr Martens. The family owners have decided that best value for the business will be achieved by focusing on the delivery of existing plans for profitable growth without further distraction.”
The company posted solid growth over the last year with sales rising 15% to £126m in the year to March 31 and EBITDA growing 20% to £22.6m. Dr Martens expects sales and profits will grow by a further 20-30% this year driven by increased international sales with demand in China growing rapidly.
In the last two years the brand has opened 15 stores around the world and plans to open a further 30 as well as extending its ecommerce business to all regions.