South African-based The Foschini Group (TFG) is believed to be close to securing a deal to acquire White Stuff as it continues to cement its expansion plans.
The company, which owns the likes of Whistles, Phase Eight and Hobbs, could see a possible acquisition agreement struck “within days”, sources for Sky News said, resulting in what could be a “windfall payout” to the retailer’s founders.
Sources noted that a formal agreement had yet to be reached, with other parties also still pursuing a possible takeover of White Stuff.
The price of the potential deal is currently unclear, yet an earlier report by Sky News suggested White Stuff could be worth around 50 million pounds.
Investment bank Rothschild was appointed to oversee a potential sales process earlier this year by White Stuff founders George Treves and Sean Thomas after receiving an unsolicited buyer approach.
The retailer is wholly owned by the duo and currently run by Jo Jenkins, who has been at the helm of the company since 2017 after exiting Marks & Spencer.
Since her appointment, White Stuff has embarked on a widespread expansion plan after previously struggling through a restructuring in 2019.
Now, however, the company is currently expanding its presence through third-party retailers such as Marks & Spencer and in certain regions, including the US, where it is growing its wholesale business.