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"Harrods of the North" on market for £50m

Owners of Scottish retailer House of Bruar have put it up for sale for £50m.

Dubbed “Harrods of the North”, the retailer is the subject of a strategic review of its options. According to The Sunday Telegraph the moves comes after owners, husband and wife Mark and Linda Birkbeck, believe their time has come to exit the business.

Their son, Patrick, hopes to remain at the firm as managing director.

Reports suggested interest for the clothes, food and homewares retailer will come from trade and luxury good companies interested in developing the brand. Private equity may also be keen to bid.

Currently, the retailer is located on an 11-acre site at the edge of the A9 in Perthshire. It is believed a buyer may develop more sites in the UK and abroad with the potential to transfer its catalogue to a complete online offering.

House of Bruar delivered sales of £18.9m in the year to January and an EBITDA of £3.68m. The firm which as assets valued at £20.4m, has no debt.

Previous accountant at Machester-based CLB Coopers Rodney Ward is running the sales process.

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