Ann Summers’ owners could sell business as it explores options
The family owners of Ann Summers could sell the business as they explore options for the retailer’s future.
The Gold family is close to appointing Interpath Advisory to work on a strategic review which may lead to a full or partial sale of the lingerie and adult toy retailer, Sky News has reported.
Ann Summers – which is fully-owned by the Gold family – trades from 83 stores in the UK.
Sources told Sky News that a dilution of the Gold’s interest in the retailer was likely, although it was uncertain whether the family would sell a controlling stake.
Responding to Sky, Vanessa Gold, chair of Ann Summers, said: “We, like many other retailers, are dealing with the unhelpful backdrop to business of the decisions announced by the government at the Budget and the rising cost to retail.
“As a family-owned business, we are in a fortunate position and have committed investment for over 50 years.
“This has created a robust and resilient business.
“We are exploring a number of options to further grow the brand into 2025 and beyond.”
The Ann Summers chair was one of a number of leading figures in retail to sign a letter from the British Retail Consortium which criticised the recent Budget, warning of price increases and job losses.
Founded in 1971, the business was acquired by David Gold, the former joint chair of West Ham United, and his brother Ralph Gold in 1972. At its peak, the retailer operated almost twice as many stores as it does now, but was forced to cut rents due to poorer trading during the Pandemic.
The retailer’s former chief executive officer Jacqueline Gold, considered by many to be a trailblazer in the retail industry, died last year.