Modella Capital, which recently acquired The Original Factory Shop, has reportedly shown interest in acquiring Windermere headquarted Lakeland, which has been seeking a buyer via Teneo since January.
Lakeland, founded by Alan Rayner in 1964 to sell polythene freezer bags by mail order, is now owned by his three sons. Originally a mail-order catalogue business, it now has around 1,000 staff, 59 stores around the UK, and a product range that spans kitchen and home electricals, food preparation, cookware, and home accessories.
Lakeland posted a £1.95m loss on sales of £153m in its latest published accounts. The rising costs expected following the chancellor’s October budget were a tough pill to swallow, given the general state of the economy and the impact of demand in the face of faltering consumer confidence.
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