Silverfleet Capital close to acquiring Office for £170m

Office, the 124-store shoe retailer, has entered exclusive talks with a private equity firm over a sale of the business for up to £170m.

Silverfleet Capital is thought to be close to acquiring Office, which is controlled by the Scottish entrepreneur Sir Tom Hunter, for between £150m and £170m after emerging as the preferred bidder.

Second round bids for Office took place earlier this month, but the two other private equity suitors PAI Partners and Blackstone are believed to have dropped out of the race to buy the retailer.

Office and Silverfleet Capital declined to comment, while Blackstone and PAI Partners did not return calls.

Silverfleet Capital also owns TJ Hughes, the 52-store retailer. The private equity firm acquired the department store chain in 2003 as part of a management buy-out deal worth £56m.