Fashion Chain Whistles Hunts For New Owner
A retail executive who has been dubbed the most powerful woman in British fashion is seeking a new owner for Whistles, the high street chain.
Sky News understands that Jane Shepherdson, the former boss of Top Shop, is in talks with prospective buyers eight years after being installed as Whistles' chief executive.
A number of investors are said to have been contacted with financial information about the business by KPMG, which is overseeing the process.
Key details of the planned sale were unclear on Thursday, including the size of the stake available to potential buyers and Whistles' current financial performance.
Ms Shepherdson is one of the most prominent women in the UK retail sector, having spearheaded the expansion of Top Shop under the ownership of Sir Philip Green, the high street billionaire.
Whistles is chaired by Peter Davies, another well-known retail entrepreneur, with the management team owning a substantial stake in the business.
The latest accounts filed at Companies House for Whistles Holdings Limited disclosed that group turnover in the 53 weeks to nearly £63m, with a post-tax loss for the period of £2.2m.
It (Other OTC: ITGL - news) said that profitability had been impacted by costs associated with the launch of a menswear range, expansion into the US and work on the Whistles website, "as well as a difficult retail trading environment".
Whistles trades from about 50 standalone shops in the UK and Ireland (Other OTC: IRLD - news) , and more than 75 concessions, including in department stores such as Harrods and Selfridges.
The company did not respond to requests for comment on Wednesday.