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Notonthehighstreet is reportedly eyeing a £200m sale after its revenues “surged” during the coronavirus pandemic, according to Sky News.
The online gifts retailer is reportedly working alongside investment bank Evercore on a potential auction, and sources told Sky that a “number” of trade bidders and private equity groups have so far “expressed an interest” in buying the company.
Sources added that a preferred bidder could be selected before Christmas, and that investors were hoping to secure as much as £250m for the business.
The retailer, which was founded in 2006, acts as an online marketplace for around 5,000 small businesses, and specialises in personalised gifts.
News of the potential sale comes as its latest annual report for the 2019 financial year revealed that it served more than 2.5 million customers in the period, though total revenues remained flat at just over £35m.
The retailer’s current investors include Index Ventures and an arm of the asset management giant Fidelity, as well as German publisher Hubert Burda Media, which became a shareholder as part of a £21m fundraising in 2016.
Notonthehighstreet declined to comment.
