Business

One of Britain’s biggest online jewellery retailers has hired bankers to explore a sale after a string of unsolicited takeover approaches.

Sky News understands that The Diamond Store, which was founded in 2006, has appointed finnCap Cavendish to oversee talks with prospective buyers.

City sources said financial and strategic buyers were expected to look at the business.

The Diamond Store was founded by Gary Ingram, an entrepreneur with a background in online marketing who found the process of buying jewellery cumbersome and laden with jargon.

The company is now run by Jeremy Kanzen, who took the helm two years ago.

It describes itself as the biggest player of its kind in the UK.

Read more from business:
Clean energy start-up Xlinks wins Abu Dhabi backing for £18bn project
Cineworld ends plan to sell its UK, US and Ireland businesses

In a statement, The Diamond Store confirmed that it had engaged advisers “to evaluate…offers and explore strategic options for the business and the opportunities they may provide”.

It said it had “become one of the most trusted and reputable online jewellers in the UK”, adding that it had shown a “commitment to exceptional customer service, unwavering quality, and competitive pricing”.

It was unclear on Monday what valuation the business might attract in a sale.

FinnCap Cavendish could not be reached for comment on the process.

Articles You May Like

Lewis pads record KO total with Round 3 finish
Heres What You Need To Know About The Dominion V. Fox News Trial That Starts This Week
Manchester’s Co-op Live arena finally opens after weeks of cancellations and setbacks
Apple’s new iPad Pro is thin and fast, but the software needs an update
Don’t Give Biden a Pass on Inflation. Don’t Give Trump a Pass on COVID.