Oak Furniture Land hires PricewaterhouseCoopers to review "strategic options" - sources

Friday, 6 January 2017, 3:00 pm

One of Britain's largest specialist furniture retailers could be about to sell a stake in the company as part of a deal that would value the business at around £400 million.

Betaville understands Oak Furniture Land has appointed advisers from PricewaterhouseCoopers to carry out a "strategic review", which may lead to a sale of a minority or majority stake in the business.

A stake sale would likely net Jason Bannister, the founder of Swindon-based Oak Furniture Land, a multi-million cash windfall. He started out by selling hardwood furniture via Ebay in 2004.

Since then, the retailer has grown rapidly. According to its latest (2015) filed accounts, Oak Furniture Land generated operating profits of £7.1 million on sales of almost £240 million. However, this year the company is expected to generate between £35 million and £40 million of EBITDA on sales of almost £300 million, according to people close to the situation...

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