LK Bennett Could Be Sold To Phoenix

High street retailer LK Bennett is reportedly in talks with Phoenix Equity and is expected to be sold to the private equity firm within weeks.

The womenswear brand, which was put up for sale at the end of last year, will be worth £80 million and £100 million should the negotiations come through.

That figure, however, is significantly lower than the original asking price of £150 million for a company which has more than 70 shops across the United Kingdom and Ireland.

This is because new capital gains tax laws took effect on April 5, a deadline which the company failed to beat as prospective buyers found it difficult to meet the price demands of LK Bennett founder Linda Bennett.

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