Antler deal near to finishing line
THE much-delayed sale of North West luggage-brand Antler is moving into the final stages with the Birmingham office of LDC in pole position.
Ironically the sale of the £40m turnover Bury-based business – is understood to have been forced by the group’s lender Lloyds Banking Group, the ultimate owner of LDC.
Banking Group – is set to trigger a £20m loss for Antler’s current owner Barclays Private Equity. Antler’s chief executive Kay Twine is not expected to stay with the business when the deal is completed.
The sale, which has been handled by KPMG’s Manchester office, has been hotly contested.
Turnaround specialist Endless and NBGI Private Equity are understood to have been in the final shortlist, but LDC were willing to pay a fuller price. Final negotiations are focused around the company’s pension fund, which is in heavily in deficit.
The sale process has delayed the filing of Antler’s annual accounts by several months.
Antler, which was founded in the Midlands in the 1870s and moved to the North West in the 1960s – was put on the market in September last year.
