Ann Summers’ family owners are reportedly exploring options for the sale of its lingerie and sex toy business. This comes after the Gold family came to the company’s rescue with £5 million in funding after its losses began stacking up.
The Gold family, which has owned Ann Summers for over 50 years, is lining up Interpath Advisory to work on a process that could see it relinquishing full ownership of the business, according to Sky News.
The Golds are reportedly exploring options for the business which could include a partial or majority sale.
Industry sources said that Ann Summers has been in talks with Interpath for weeks, although it has yet to be formally instructed. Sources added that the Golds would unlikely sell a controlling stake in the company.
Ann Summers was founded in 1971 but shortly after fell into liquidation. In 1972, David and Ralph Gold purchased the business and the family continues to own 100% of the equity in the company. Today, it employs over 1,000 people and trades from 83 stores across the UK.
Vanessa Gold told TheIndustry.fashion: “We, like many other retailers, are dealing with the unhelpful backdrop to business of the decisions announced by the government at the Budget and the rising cost to retail.
“As a family-owned business, we are in a fortunate position and have committed investment for over 50 years. This has created a robust and resilient business. We are exploring a number of options to further grow the brand into 2025 and beyond.”
This news comes after the company reported a loss of £3.9 million for the year to July 2023. This was put down to not only rising costs on the back of the cost of living crisis but also the Gold Family’s loss of David and Jacqueline, which left Vanessa in charge.
Following this, Vanessa Gold, who was appointed Chairman last year following the death of sister Jacqueline Gold, spearheaded a £5 million cash call.
The loan was distributed by Gold family-controlled Green Street Holdings, in August, following another year in which it failed to turn a profit.
Those expected to express an interest in Ann Summers include private equity firms as well as rival retail groups. Frasers, which is renowned for snapping up struggling businesses, could turn to Ann Summers in its pursuit of taking over the British high street. Plus, Frasers owns luxury rival Agent Provocateur.
