UK DIY News
TPG Seeking Offers For Victoria Plum
Sky News has reported that TPG, the US private equity firm which owns Victoria Plum, is looking for buyers for the online bathrooms business.
TPG is understood to have paid around £200m for Victoria Plum in 2014. It could be facing a huge loss on the deal, as sources have suggested that several parties have valued it at the 'low tens of millions of pounds'.
No bidders have been identified and TPG would not comment on the matter.
Despite an initial £150m purchase price and millions in ongoing investment, TPG failed to keep Poundworld afloat and the retailer went into administration last year.
Prezzo - another TPG investment - was forced to close large numbers of restaurants when it entered into a Company Voluntary Arrangement in March 2018.
Late last year it was thought that TPG was considering merging Victoria Plum with Bathstore, which appointed administrators last month.
Source : Insight DIY Team
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