Following the announcement in the middle of last month that Clintons has been put up for sale by its owners, the Weiss family (https://www.pgbuzz.net/clintons-is-put-up-for-sale/), serious contenders were urged to submit their bids for the business last Friday (October 4).
While NDAs (Non-Disclosure Agreements) preclude interested parties from openly declaring their intent to acquire the UK’s second largest specialist card retailer – which trades from 334 stores – bids are understood to have hailed both from expected and unexpected suitors.
Once these bids are digested, the KPMG team will then pursue the likely buyers to submit serious offers of intent to acquire the business.
The longstanding retail multiple’s move to vacate the outsized Loughton-based HQ in the middle of August, thereby cutting costs and simplifying the business’ logistics, will have served to make it all the more attractive to would-be bidders. While the buying function is now run from above the retailer’s Loughton store, other headquarters’ functions have relocated to the retail group’s Corby premises in Northampton where its in-house creative hub is established.
Assuring the trade that it is currently very much “business as usual” Eddie Shepherd, ceo of Clintons said: “The move out of an expensive legacy site into a more compact, efficient premises is both a welcome and necessary move. The financial benefit achieved through this move will be invested back into the business to support our strategy of becoming a more vertically integrated, standalone business.”
Speaking of the potential sell-off of the business, Eddie told PG Buzz in the middle of last month (September) that: “It will be an open and transparent process that we anticipate being concluded in 12-20 weeks. Right now though, we are progressing to make the most of our Christmas trade.”
When pressed as to whether Clintons would consider going down the ‘trendy’ CVA route, Eddie quipped: “I have never been trendy.”
When asked, if he had a magic wand, what outcome would he like to see, Eddie’s diplomatic response was: “We just need the right outcome for the business.”
Top: The initial bids are in for Clintons.
