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Luxury group Aspinal of London hires KPMG amid sale talks

The luxury leather goods retailer Aspinal of London has hired advisers to assess a range of funding options amid parallel talks about a sale of the company.

Sky News has learnt that the privately owned company has brought in KPMG in recent days to work on “a financing plan B”, according to insiders.

The company, which has a flagship store in Mayfair, and other outlets in upmarket locations such as Harrods, is understood to be in discussions with a number of prospective buyers.

However, KPMG has now been enlisted to explore alternative funding sources if a takeover does not materialise at a sufficiently attractive valuation.

Image: The Duchess of Cambridge is among Aspinal’s royal customers

Set up in 2001 by Iain Burton, Aspinal of London originally created handcrafted stationery for the Natural History Museum.

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It evolved into a brand associated with high-quality leather goods such as handbags, wallets and other related accessories.

Aspinal of London’s lenders are said to be supportive of the move to assess other sources of funding.

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Mr Burton said: “I am more excited about our international opportunities and plans for Aspinal than I have ever been, particularly with the traction Aspinal is getting in China and Asia.

“I think with the confusion over Brexit now resolved, it will bring new confidence and momentum to the UK market.”

Aspinal of London had experienced a couple of difficult years of trading, and is understood to have invested in new infrastructure and personnel to improve design, marketing and manufacturing processes.

Mr Burton expects the company to be profitable this year.

The sale talks are being overseen by bankers at Houlihan Lokey, and progress towards a sale or other form of financing is likely to be made within the next month.

SOURCE : https://news.sky.com/story/luxury-group-aspinal-of-london-hires-kpmg-amid-sale-talks-11914432

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