Space NK owner kicks off £300m-plus sale process

The owner of Space NK has kicked off a formal sale process more than a year since it hired bankers to auction the high street beauty chain.

Sky News has learnt that teasers have begun being circulated to prospective bidders in recent weeks, despite anxiety about consumer confidence in a stuttering UK economy.

Manzanita Capital, a private investment firm, engaged bankers at Raymond James to oversee an auction in April 2024.

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A deal is expected to fetch between £300m and £400m.

Manzanita has owned Space NK for more than 20 years, and is not expected to sanction a sale unless it receives an attractive offer.

One party contacted about a potential bid said the business appeared to be in good financial health.

Manzanita has also owned the French perfume house Diptyque and Susanne Kaufmann, an Austrian luxury skincare brand.

Founded in 1993 by Nicky Kinnaird, Space NK - which is named after her initials - trades from roughly stores and employs more than 1,000 people.

It specialises in high-end skincare and cosmetics products.

Manzanita previously explored a sale of Space NK in 2018, hiring Goldman Sachs to handle a strategic review, but opted not to proceed with a deal.

Manzanita has been contacted for comment, while Raymond James declined to comment.

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