The Gold family, owners of Ann Summers, are exploring selling part or all of their stake in the business.
- Currently considering hiring Interpath, a corporate advisory firm, to assist in reviewing strategic options.
- Ann Summers has remained under Gold family ownership since its acquisition in 1972 after its founding in 1971.
- There is no formal agreement yet, but discussions with Interpath are ongoing.
- Additional funds were recently injected into the business to counteract ongoing financial losses.
The Gold family, who have owned Ann Summers for over 50 years, are contemplating reducing their share in the lingerie and sex toy retailer by exploring the sale of a partial or majority stake. This move signifies a potential shift in the ownership structure of the long-established company.
Sources have indicated that the family is considering hiring corporate advisory firm Interpath to conduct a comprehensive strategic review. This could lead to the sale of a significant portion of the business. Although talks between Ann Summers and Interpath have progressed over recent weeks, a formal appointment has yet to be finalised.
Ann Summers was originally founded in 1971 and subsequently purchased by David and Ralph Gold in 1972 following its liquidation. The Gold family has maintained full ownership since. The potential sale of shares marks a significant decision as the company looks at options for future growth.
In a statement, Vanessa Gold, the chair of Ann Summers, acknowledged the challenges faced by the retail sector due to recent government decisions and escalating operational costs. She emphasised the company’s robust and resilient business model, stating, ‘As a family-owned business, we are in a fortunate position and have committed investment for over 50 years.’
Amid financial challenges, reports emerged that the Gold family recently provided additional funding to the company in the form of a loan. This was a strategic response to the mounting financial losses Ann Summers has been experiencing.
The exploration of a potential sale by the Gold family marks a possible new chapter for Ann Summers.
