Last checked at 22 Jun 2009 08:07
FOR IMMEDIATE RELEASE
22 June 2009
LIBERTY PLC:
("Liberty" or "the Company")
LIBERTY RECEIVES UNSOLICITED OFFER FOR SLOANE STREET SHOP - COMPANY TO REFOCUS RETAIL OPERATIONS INTO FLAGSHIP STORE
Liberty Plc, the iconic UK brand and Regent Street emporium, today announces that it has exchanged contracts to surrender the lease on its Liberty of London shop on Knightsbridge's Sloane Street following an unsolicited offer from a European fashion brand.
Richard Balfour-Lynn, Chairman of Liberty, said: "We received a fabulous offer for our Sloane Street lease completely out of the blue. The incoming tenant offered us a £700,000 cash premium for the lease which we will use to further develop the increasingly successful Liberty of London global luxury label."
As a result the Liberty shop will close and all the staff, stock and fittings will transfer to Liberty's Regent Street flagship store. In addition to the cash premium, it is estimated that by refocusing Liberty of London's retail operation into the flagship store there will be annual cost savings of approximately £500,000.
Both the Liberty of London label and the broader Liberty retail business has been enjoying a period of revitalisation following last February's "Renaissance of Liberty" launch. This has resulted in double-digit sales growth over the past five months. At the same time the number of outlets selling the Liberty of London range of fashion items and accessories continues to expand rapidly across the world.
Mr Balfour-Lynn added: "We have been absolutely delighted with the increasing global presence of the Liberty of London product range. As a result of our expanding market penetration, both in the UK and abroad, we are now in a series of discussions with major international companies that will provide exciting branding collaboration and distribution opportunities through an increasing number of commercial networks. We are confident these will lead to increased profile and profitability for Liberty of London."
Ends.
Contact:
Richard Balfour-Lynn, Chairman, Liberty. Tel: 020 7706 2121
Geoffroy de La Bourdonnaye, Chief Executive, Liberty Tel: 020 7734 1234
Baron Phillips, Baron Phillips Associates. Tel: 020 7920 3161
Nicola Marrin, Seymour Pierce Tel: 020 7107 8018