2 days ago
11
A New York-listed institution with a valuation of much than $21bn is to drawback up Space NK, the British precocious thoroughfare quality chain.
Sky News has learnt that Ulta Beauty, which operates adjacent to 1,500 stores, is connected the verge of a woody to bargain Space NK from existing proprietor Manzanita Capital.
Ulta Beauty is understood to person registered an acquisition conveyance astatine Companies House successful caller weeks.
Money blog: Top cook reveals happening helium hates astir customers
The nonstop terms being paid by Ulta was unclear connected Thursday morning, though 1 root said it was apt to beryllium good successful excess of £300m.
Manzanita Capital, a backstage concern firm, engaged bankers astatine Raymond James to oversee an auction successful April 2024.
The steadfast has owned Space NK for much than 20 years.
Manzanita has besides owned the French perfume location Diptyque and Susanne Kaufmann, an Austrian luxury skincare brand.
Read much from Sky News:
Royal Mail to scrap second-class station connected immoderate days
Warning a pub a time to adjacent this year
Founded successful 1993 by Nicky Kinnaird, Space NK - which is named aft her initials - trades from dozens of stores and employs much than 1,000 people.
It specialises successful high-end skincare and cosmetics products.
Manzanita antecedently explored a merchantability of Space NK successful 2018, hiring Goldman Sachs to grip a strategical review, but opted not to proceed with a deal.
None of Ulta, Manzanita, Space NK and Raymond James could beryllium reached for comment.
English (US) ·