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Office sale expected today

Private equity firm Silverfleet is expected to complete a deal to buy footwear chain Office by the end of today. The price paid is expected to be below the original £150m tag.

Silverfleet entered exclusive talks with Office last month after the 124-store footwear chain was put up for sale in July for offers of between £150m and £200m.

Retail entrepreneur Sir Tom Hunter bought Office for £16m via his Westcoast Capital investment firm in 2003. It has since tripled its number of stores.

The company enjoyed a strong performance in the year to January 31, when EBITDA rose to £18.5m, up from £10.5m the year before.

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