The Gold family examines strategic options for Ann Summers amidst financial pressures.
- The lingerie retailer Ann Summers, owned by the Gold family since 1972, is under review for potential stake sale.
- The family may hire Interpath to explore selling a part or full stake in Ann Summers.
- Chair Vanessa Gold highlights the resilience despite economic challenges.
- Recent financial aid by the Gold family followed continued losses for the retailer.
The long-standing owners of Ann Summers, the Gold family, are evaluating strategic options for the company as it faces various financial challenges. This move comes amidst ongoing discussions about potentially selling a partial or controlling interest in the retailer, known for its lingerie and adult products.
Sources indicate that the family is close to appointing Interpath, a corporate advisory firm, to oversee a comprehensive review of their ownership strategy. While the appointment is still pending, talks have been progressing for weeks. The outcome could lead to a decision on whether to decrease the family’s stake significantly or maintain majority ownership.
Since acquiring Ann Summers in 1972, after its inception in 1971, the Gold family has retained full ownership. Yet, as economic pressures mount, they are contemplating a reduction in their holdings. Vanessa Gold, chair of Ann Summers, acknowledged the “unhelpful backdrop” of recent governmental budget decisions and rising retail costs, expressing a need to consider several options for future growth.
Gold expressed confidence in the brand’s durability, noting the family’s “committed investment for over 50 years” which has established a “robust and resilient business.” Despite the challenges, there is a clear focus on expanding the brand into 2025 and beyond.
Reports recently surfaced suggesting that the Gold family had to inject additional financial support into the company. This assistance, in the form of several million pounds, was necessary as the retailer continues to incur losses.
The future direction of Ann Summers remains uncertain as the Gold family weighs their options in a complex economic landscape.
