Reiss’s shareholders are working with Raymond James, the investment bank, on an auction of the fashion chain founded by David Reiss in 1971, Sky News learns.
The high street clothing giant Next is in talks about a sale of Reiss, the fashion chain it controls, as part of a deal that could value it at more than £500m.
Based on expected earnings before interest, tax, depreciation and amortisation in the current financial year of almost £65m, Reiss could be valued at in excess of £500m, according to the sources.A person close to Next cast doubt on whether it would ultimately sell its 51% stake, while a senior retail executive suggested that it may be using the process to establish a market price and then acquire Warburg Pincus's remaining interest.
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