Space NK’s owner has reportedly started the formal sales process to sell the UK beauty retailer.
Private investment firm Manzanita Capital, which has owned the high street chain since 2002, has allegedly begun to receive prospective bids from buyers, Sky News reported.
The investment company is said to be looking for an “attractive offer” for Space NK, with the deal being expected to fall between £300m and £400m.
Investment bank Raymond James is handling the potential auction after being brought on in 2024.
Manzanita Capital also owns Diptyque and luxury fragrance brand D.S. & Durga.
The retailer, which was founded by Nicky Kinnaird in 1993, previously explored a sale in 2018, hiring Goldman Sachs to oversee the process.
Space NK has been undertaking a rapid store expansion in recent years and confirmed the opening of three new stores in 2025.
This includes a recent opening at Bluewater Shopping Centre in April, with new sites at Chelmsford and Leicester’s Highcross shopping centre set to open in June.
Alongside these new openings, the retailer will expand its existing Glasgow store, increasing the trading space from 1,400sqft to 2,125sqft by the end of March.
It also announced a new flagship in Birmingham, UK.
The 4,356sqft store, located in the city’s Bullring shopping centre, will be the high-end beauty retail chain’s largest venue outside of London.
Space NK has also temporarily suspended orders to the US as it navigates US President Donald Trump’s tax hikes.
A message was sent to US-based customers informing them of the situation, which has been confirmed to be true by the UK beauty retailer in an email seen by Cosmetics Business.
The email read: “We are making some changes to how we serve US customers.
“As we adapt to the latest US tariff regulations, we have decided to pause e-commerce orders and shipping to the US to avoid additional or incorrect costs being applied to our customers’ orders.
“Thank you for understanding.”
Space NK has not confirmed how long this temporary pause will last.
Cosmetics Business has contacted Space NK and Manzanita Capital for a comment.