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Furniture retailer Loaf has reportedly begun exploring a potential sale of the business that could value the business at around £70m.
According to the Sunday Times, the retailer has appointed Grant Thornton to start the sales process and sound out any potential suitors.
The news comes after the retailer saw a surge in demand for its products during the pandemic. Prior to the pandemic, In its latest results for the financial year ending March 2020, Loaf posted sales of £51m, up 6% from the previous year.
In addition its underlying pre-tax profits increased by 13.6% to £5m.
Earlier this year, Loaf appointed former John Lewis and Partners executive David Meredith as its new operations director. At the time of his appointment the firm said Meredith would lead the firm’s delivery and aftersales experience.
It added that he would be responsible for ensuring the company’s operations help support plans to double sales over the next five years.
