Space NK has confirmed which banking firm will oversee its rumoured £400m sale.
Manzanita Capital, the high street beauty chain’s owner, has brought on investment bank Raymond James to manage a potential auction later in 2024, Sky News reported.
The private investment company, which also owns Diptyque, Byredo and luxury fragrance brand D.S. & Durga, has not made a decision on the exact timing of the sale.
It is also said to be “undecided” on selling a minority or controlling interest in the retailer.
Space NK has not confirmed whether it is exploring a sale.
However, CEO Andy Lightfoot told Cosmetics Business: "Having just closed our financial year with record results, up 32% year on year (following 23% the prior year) it would be a surprise if we didn't retain advisors to input on our next phase of growth.
"We are setting exciting plans for the future which will continue to raise the bar in UK beauty retail."
The retailer, which was founded by Nicky Kinnaird in 1993, previously explored a sale in 2018, hiring Goldman Sachs to oversee the process.
However, it ultimately decided not to proceed with the deal.
The latest sale reports follow a bumper sales period for Space NK, which saw a 23% increase in sales to £146.6m for the financial year ending March 2023.
The retailer is also planning a rapid store expansion, with at least four more stores set to open in 2024 in the UK and Ireland.
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