French Connection together with Jamie and Jessica Seaton have entered into an agreement to sell Toast (Mail Order) Ltd., to Denmark headquartered Bestseller United A/S for a consideration of £23.3 million. French Connection owns 75 per cent of Toast with the Seatons, who founded the business, owning 25 per cent.
Toast is a premium lifestyle brand with a strong ethical stance which sells direct online, via twelve retail stores as well as wholesale to John Lewis having been founded as a mail order catalogue business operating from Swansea, where it still currrently maintains its warehousing. It achieved revenues of £19 million for the year to 31st January 2018.
Stephen Marks, chairman and CEO of French Connection said “This is great news for Toast and its highly talented team. Toast is a very strong selling brand and I have no doubt that the team will continue to develop it further under Bestseller’s ownership and Suzi (de Rohan Willner)’s continued leadership. The price achieved for Toast reflects the strength of the brand and the business we have built behind it. French Connection will use the transaction proceeds to underpin its core business, allowing us to focus on our priority of returning to sustainable profitability and growth.”
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