Nursery and childrenswear brand Mamas & Papas is looking to exit several of its UK stores, after appointing Deloitte to advise on cost-cutting initiatives, Drapers can reveal.
It is understood that the business is seeking to exit fewer than 10 of its 27-strong UK store portfolio. The stores earmarked for closure are those that are less profitable. Mamas & Papas plans to continue trading through the rest of the estate, Drapers understands.
In an email from CBRE, seen by Drapers, the property company said: “We are confidentially instructed to seek premium offers for the Mamas and Papas leasehold store portfolio. Offers would be considered on an individual or portfolio basis.”
CBRE declined to comment.
Deloitte was appointed to advise the company last month, it is understood. The firm previously advised on Mamas & Papas’ 2014 company voluntary arrangement (CVA), which involved the closure of around half of its stores.
Deloitte declined to comment.
Following the CVA, Mamas & Papas was bought by private equity firm BlueGem Capital.
In its most recent results to 8 April, Mamas & Papas reduced its losses from £11.6m to £9.1m. Revenues stayed relatively flat at £121.7m, up from £121.1m in 2017. Earlier this year, the brand launched a wholesale range into some John Lewis stores and online.
Mama & Papas declined to comment.