US private equity firm TPG is reported to be trying to kick-start the sell-off of online bathroom retailer Victoria Plum but, according to Sky News, has been low-balled with some of the first bids it has received.
The private equity giant acquired VictoriaPlum.com back in 2014 and is understood to have paid as much as £200 million for the e-tailer.
According to Sky News, bids received may have been as low as £10m, which would mean a substantial loss for the buyout firm.
The identity of the bidders for Victoria Plum has not been revealed.
There were rumours late last year that Victoria Plum may merge with Bathstore, which fell into administration last month.
TPG took a hit last summer when Poundworld, which it also owned, was placed into administration.
Victoria Plumb, now ‘Plum’, was launched in 1999 by brothers Sean and Jason Walker. The Walker family famously bought the MFI brand out of administration in 2010.