Dr Martens rebuffed bids

James Thompson@Thompj
Monday 13 August 2012 21:01

The boot maker Dr Martens has said it abandoned plans to sell the business recently for up to £200m after bids received from private-equity firms failed to match its valuation.

Its owners, the Griggs family, and other shareholders put the British brand up for sale earlier this year by hiring advisers at Rothschild but canned the process last month. It is understood that Electra Partners, Pamplona Capital and Warburg Pincus had submitted final-round bids for Dr Martens.

In its annual report, the company said: "Difficult economic conditions resulted in offers that were not considered to be a fair reflection of the value of the brand." Dr Martens, which sells shoes and clothing, grew pre-tax profits by 17 per cent to £17.9m over the year to 31 March.

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