Clarks “in talks” with potential investors

Clarks

Heritage British footwear brand Clarks is in talks with several investors about the sale of a minority stake in the chain.

A share sale of the 195-year-old retailer would dilute the family shareholders’ 85% controlling stake in the company, but aid in the Clarks “made to last turnaround strategy,” to ensure the company has a sustainable future.

Sky News has learnt that the company has approached several private equity firms about a deal, which “would involve raising between £100m and £200m from external investors.” Sources say discussions at a preliminary stage.

The news comes as it after it was announced only yesterday that Clarks is preparing to cut 900 corporate office jobs in total, though that would be partially offset by the creation of 200 new jobs.

The company started the process with 160 redundancies made yesterday, including 108 at its Somerset HQ. Another 700 workers are expected to leave the company over the next 18 months.