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Reiss boss explores sale of minority stake

The founder of premium chain Reiss is reportedly mulling the sale of a stake in the business to outside investors for the first time.

According to sources, David Reiss, who founded the business 40 years ago and remains its owner and managing director, has appointed Morgan Stanley to review options for growing it internationally, which could include the sale of a minority stake.

It is thought the deal would value Reiss at as much as £325m and is unlikely to be completed before the end of the year or early 2016.

The company made £9m in pre-tax profit in 2013, although profits are said to have doubled last year and are expected to exceed £25m this year.

Reiss has 130 stores, 80 of which are in the UK.

It declined to comment on the Sky News report.

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