Speaking exclusively to kbbreview, a Magnet spokesperson has confirmed that there are no plans for any major structural changes, redundancies or store closures, following the kitchen retail chain’s recent change of ownership.
This follows the news earlier this week that Magnet’s previous parent company, Nobia, was pulling out of the UK market, and had sold the kitchen retail company to UK-based private equity firm Alteri Partners.
Along with promising no major restructuring of the business, Alteri is said to be fully behind Magnet’s three-year plan under recently appointed managing director Sophie Rose’s leadership.
The spokesperson said: “Magnet is pleased to have secured investment from Alteri as we move into the next phase of our three-year plan. Like all retailers, we regularly review business performance and look for efficiencies, but we can confirm there are no widespread plans for store closures or redundancies as a result of our change in ownership. This investment reinforces the strategy we are already delivering and supports our long-term growth ambitions.”
Kitchen retail chain Magnet was founded in Yorkshire back in 1918. Nobia bought Magnet in 2001 from Enodis PLC for £134m. At that time it had nearly 500 stores and ran premium bathroom retailer CP Hart. In 2003 it acquired manufacturer Gower for £72m and Commodore and CIE in 2015 for £28m.
Following its acquisition by Alteri Partners, Magnet now joins its portfolio of other interior brands, which includes the likes of Bensons for Beds as well as CBR Fashion and the Baby Walz Group in Germany.
