Space NK owner mulls full or partial sale

Is Space NK about to be put up for sale? Possibly, according to a news report this week that said owner Manzanita Capital is targeting a £300 million to £400 million value for the upscale beauty chain.

The company invested in the firm 22 years ago and has recently been in talks to hire bankers to “oversee a partial or full sale”, according to Sky News.

And its sources said bankers could be appointed in “the near future”.

It’s perhaps no surprise given how much stronger Space NK’s performance has been of late. And with the company expanding and the premium/prestige beauty sector buoyant at present, it actually seems like a very good time to sell. 

Space NK currently has around 76 stores and employs more than 1,000 people. In the year to March 2023, its EBITDA almost trebled.

Manzanita specialises in the beauty sector as it also owns the French perfume house Diptyque and Austrian luxury skincare brand Susanne Kaufmann. 

And Sky said it hasn’t yet decided whether to retaining a controlling interest in the Space NK business or not. It explored selling back in 2018 but decide don’t to proceed so there’s clearly a chance that a sale process might not get off the ground.

Neither Manzanita nor Space NK have commented on the report.