L1 Retail is set to acquire Holland & Barrett for £1.77 billion in a deal which is expected to close in September 2017, subject to regulatory approval. Holland & Barrett which was originally founded in 1870 has over 1100 stores worldwide and employs 4200 staff. The business achieved revenues of £610 million in 2016 and has engaged in international expansion in Scandinavia, India and Hong Kong. With ten million active loyalty card holders as well as a growing online presence the retailer has achieved a dominant position in a field which is largely comprised of small independents.
Commenting on the acquisition, Holland & Barrett CEO said “We are delighted to now be in partnership with the L1 retail team and its advisory board of internationally renowned retailers. We have upgraded much of our core store portfolio to concept stores to deliver additional in-store theatre and increased customer engagement. New products launched through our ethical sourcing programme have also been a key growth driver helping to underpin our substantial investment to gain presence across an increasingly global health and wellness market.”
L1 Retail said it will aim to add value to Holland & Barrett through its deep sector and strategic expertise as well as its familiarity with data and financial markets.
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