A deal to sell Unwins could be on the table within three months after “significant” interest from more than 50 parties, according to chairman Michael Lunn.
The family-owned wine merchant has issued an information memorandum containing confidential information about the company to potential buyers, and set a deadline of August 9 for them to register an interest.
It is a significant step in the potential sale of all or part of the business, identified as an option after a review two months ago.
Unwins had been approached by venture capitalists, overseas drinks companies looking for a way into the UK and trade buyers of all “shapes and sizes”, said Lunn.
“The memorandum is a useful introduction. Serious bidders would then have access to more detail,” he said.
Lunn continued: “If there was serious interest expressed it would be surprising if we did not have some kind of understanding with a potential involvee by mid or end-October.”
Lunn was not attaching a value to the business, which includes 387 stores in southern England, the UDS logistics and Phillips Newman wholesale businesses.
However, he said: “It is the board’s intention that any potential sale should provide Unwins’ shareholders with a suitable return and provide the group and its employees with a secure future.”
Thresher, Bargain Booze, Oddbins and the Co-op have been touted as potential buyers of the company, which incurred losses of nearly £1m in the year to the end of February but has since reported an improved trading position.
Other options to fund future developments, such as the roll-out of the Phillips Newman concept, are still being explored.
Claire Hu
The family-owned wine merchant has issued an information memorandum containing confidential information about the company to potential buyers, and set a deadline of August 9 for them to register an interest.
It is a significant step in the potential sale of all or part of the business, identified as an option after a review two months ago.
Unwins had been approached by venture capitalists, overseas drinks companies looking for a way into the UK and trade buyers of all “shapes and sizes”, said Lunn.
“The memorandum is a useful introduction. Serious bidders would then have access to more detail,” he said.
Lunn continued: “If there was serious interest expressed it would be surprising if we did not have some kind of understanding with a potential involvee by mid or end-October.”
Lunn was not attaching a value to the business, which includes 387 stores in southern England, the UDS logistics and Phillips Newman wholesale businesses.
However, he said: “It is the board’s intention that any potential sale should provide Unwins’ shareholders with a suitable return and provide the group and its employees with a secure future.”
Thresher, Bargain Booze, Oddbins and the Co-op have been touted as potential buyers of the company, which incurred losses of nearly £1m in the year to the end of February but has since reported an improved trading position.
Other options to fund future developments, such as the roll-out of the Phillips Newman concept, are still being explored.
Claire Hu
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