Liberty confirms expansion plans
The group behind iconic London department store Liberty has confirmed plans for a strategic overhaul as it seeks to expand in the UK and internationally.
The Regent Street retailer is bringing advisers on board for the review amid speculation it is considering selling stakes in the group to fund growth plans.
Liberty - famous for its mock-Tudor building - said it had enjoyed strong trading in the first half of 2009 and was looking at ways in which the business can be "developed and expanded, both within the UK and internationally".
The store reported a 9% year-on-year increase in annual sales to £50.2 million in April, while Christmas sales had come close to record levels as it was likely boosted by foreign tourists taking advantage of the pound's weakness.
It has also recently undergone a major store refurbishment.
Liberty is part of Marylebone Warwick Balfour (MWB), the property firm which also owns the upmarket Malmaison and Hotel du Vin hotel chains.
MWB could see its 68% stake reduced or sold on in its entirety if the review results in fundraising from new investors.
Liberty was founded in 1875 by Arthur Liberty, who used a £2,000 loan from his future father-in-law to launch the store with just three staff initially.
The group's Liberty prints are famous around the world and it is renowned for its fashion and home ranges.
Its recent "renaissance of Liberty" relaunch and store re-fit has been a success, with double digit sales growth over the past five months, according to the group.
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