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1 Mar 2010 08:05
FOR IMMEDIATE RELEASE
1 March 2010
LIBERTY PLC:
POSSIBLE SALE AND LEASEBACK OF FLAGSHIP STORE
Liberty Plc ("Liberty" or "the Company"), the iconic British luxury brand 68% owned by MWB Group Holdings Plc ("MWB"), notes the press comment surrounding a possible sale and leaseback of the Company's Tudor Building flagship store in Great Marlborough Street, London W1.
Over the past six months Liberty has been examining and assessing a range of options and initaitives that would enable the Company to build upon its success since the launch of the Renaissance of Liberty in February 2009.
One of these options is the sale of the freehold of its 125,000 sq ft flagship store close to Regent Street. Liberty would then lease back the store and continue to operate as one of London's most eclectic, but accessible, design-led retailers. A number of parties have expressed interest in acquiring the freehold of the Tudor Building which may lead to an acceptable offer being made for the freehold.
The Board of Liberty will make a further announcement if appropriate.
At the time of its trading statement in January 2010, Liberty said overall revenue for the year to December 2009 grew by 20% and that the flagship store generated a 16% revenue increase during the course of 2009 compared to the previous year.
Beauty and menswear led the revenue surge within the store while fabric sales were a further 23% higher over the division's strong 2008 performance. All other lines of business increased their revenue with Liberty on-line enjoying a particularly strong Christmas.
Trading continued to benefit from the Renaissance of the Regent Street flagship store in February 2009 which drove footfall and market share over the remainder of the year.
Ends.
Contact:
Richard Balfour-Lynn, Chairman, Liberty. Tel: 020 7706 2121
Geoffroy de La Bourdonnaye, CEO, Liberty. Tel: 020 7734 1234
Baron Phillips, Baron Phillips Associates. Tel: 020 7920 3161
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