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Office sale generates strong interest

Footwear chain Office is understood to have generated more than 10 expressions of interest, two weeks before its sale document is due to be published.

Office, which was put up for sale with a price tage of up to £200m in July, has seen sales and profits leap ahead of last year’s performance - sales for the year to date are ahead £2m on the previous year with like-for-likes running up 8%. EBITDA stands at £9.5m.

This compares with full year sales of £145.7m to January 2010 and full year EBITDA of £18.7m.

Office said that the last six weeks’ had seen the like-for-like sales performance improve further.

A spokesman said: “The subsequent six weeks has shown even stronger growth and we are satisfied we will meet targets comfortably for the year.”

The spokesman added that demand was high amongst UK and US private equity houses. Office chief executive Brian McCluskey this week returned from investor presentations in the US.

Office has 73 standalones and 44 concessions across Selfridges, Harvey Nichols, House of Fraser, Topshop and Topman.

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