The family that has owned Ann Summers, the lingerie and sex toy retailer, for more than half a century will explore options for the business, which could include a partial or majority sale.
Sky News has learned that the Gold family is set to hire Interpath, the business consultancy, to work on a strategic review which could lead to the sale of a significant stake in the chain.
Retail industry sources said this weekend that Ann Summers has been in talks with Interpath for several weeks, although she has yet to receive formal instructions.
The chain, founded in 1971 and purchased by David and Ralph Gold when it went into liquidation the following year, has 83 stores and employs more than 1,000 people.
The family continues to hold 100% of the company’s capital.
Sources said some dilution of the Golds’ stake was likely, although it was far from certain they would sell a majority stake.
In a statement released in response to a Sky News investigation, Vanessa Gold, chairman of Ann Summers, commented: “We, like many other retailers, are faced with the unfriendly business environment presented by the decisions announced by the government during the budget and rising retail costs.
“As a family business, we are in a privileged position and have been investing for over 50 years.
“This has created a robust and resilient business.
“We are exploring a number of options to further grow the brand through 2025 and beyond.”
Ms Gold is one of a number of retail figures to publicly criticize the tax changes announced in the Budget unveiled by Rachel Reeves, the chancellor, last month.
The British Retail Consortium last week published a letter signed by many of its members warning of price rises and job losses.
Private equity firms and other retail groups are expected to express interest in a buyout of Ann Summers.
One possible contender could be the Frasers’ billionaire Mike Ashley, who already owns his high-end rival Agent Provocateur.
A formal process is unlikely to yield results until next year, with the key Christmas trading period the main focus for shareholders and management over the next month.
Ann Summers is one of Britain’s best-known retailers, with a profile that hides its relatively modest size.
In the early 1980s, Jacqueline Gold, then executive chairman who died last year, came up with the idea of hosting Ann Summers parties – a key step in the company’s growth.
At its largest, the chain sold in almost twice as many stores as it has today, but like many retailers it was forced to seek rent reductions from landlords after weak trading during the COVID-19 pandemic.
This week the Daily Telegraph reported that the Gold family had stepped in to provide several million pounds of additional funding to Ann Summers in the form of a loan.
Vanessa Gold – Jacqueline’s sister – also asked bankers to look into the sale of part of the family’s stake in West Ham United Football Club last year.
This process, led by Rothschild, has not yet resulted in an agreement.
Interpath declined to comment.