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End game starts in Bennett sale
Nick Goodway11.06.08
Fashion and shoes retailer LK Bennett is finally to be sold to private equity group Phoenix Equity Partners for between £80 million and £100 million.
The two have entered final, exclusive talks in the culmination of an auction process which began eight months ago. In May, LK Bennett said Phoenix and the San Fransisco group Golden Gate Capital were in the final round of bidding.
The reported sale price is far less than the £150 million founder Linda Bennett had originally been seeking. She was also reported to have been keen to complete the sale ahead of the changes to capital gains tax rules which came into force last April.
LK Bennett has just over 70 stores across the UK and Ireland and one in Paris. It employs some 600 people.
Bennett originally tried to sell the business in 2004 but rejected bids which came in under £75 million after a poor Christmas trading period.
