© Copyright Eirian Evans
According to reports, Booths, an upmarket food retailer, has put itself up for sale.
The retailer, which has been dubbed as the “Waitrose of the North”, is rumoured to be searching for takeover bids after the business experience a loss amounting to £6.3m in 2016. In 2015, Booths recorded a profit amounting to £1.1m.
In a statement, Booths stated: “Booths has been retailing for over 170 years, and it remains a very strong, resilient and well-loved brand.
“One of our strengths has been our ability to adapt to changing market conditions and naturally, we always keep our strategic options open.”
The chain has twenty-eight outlets across northwest England, and it employs over 2,800 people.
For the year ended 26 March, the turnover of Booths amounted to £276.6m, slightly down on the £278.6m that it brought in the prior year.
The business was affected by the Storm Desmond, and its store that is located in Kirkby Lonsdale was flooded. However, it was able to open within a week of the damage.
Booth also removed a layer of management, which contributed to a saving of £2.5m. However, it incurred a one-off restructuring cost amounting to £1.6m.