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Reiss denies sale rumours

Premium fashion retailer Reiss has denied reports that its private equity owner, Warburg Pincus, is considering the sale of a majority stake in the business. 

The retailer has denied reports by The Telegraph that Warburg Pincus is preparing to appoint bankers to facilitate a sale, with a formal process expected to launch before summer.

A spokeswoman for Reiss said: “It is categorically untrue to say that bankers are going to be appointed to explore the sale of a stake in Reiss, or that the company is itself up for sale. ”

Warburg Pincus bought a majority stake in Reiss three years ago, in a deal valuing the retailer at £230m. Founder David Reiss retained a significant investment in the business. 

The news comes after Reiss reported 8.3% growth in sales to £186.3m for the year to 2 February 2019, and a 21.3% rise in EBITDA to £19.3m.

The retailer attributed its turnaround to a reduction in promotional activity, continued investment in people, operations and infrastructure, but also its refreshed product following the appointment of Christos Angelides as chief executive two years ago. 

 

 

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