Clarks pension trustees call in advisers
Pension trustees at shoe retailer Clarks have reportedly drafted in advisors as they seek to secure additional finance for the company.
According to Sky News, the company’s retirement holders have called in advisers from FRP Advisory and Penfida after discussions were had with two potential bidders.
Just last week it was revealed that Hong Kong based private equity firm, LionRock was in talks with financial advisors about the refinancing of the family-owned brand.
Sources have told the broadcaster that trustees were also “actively engaged” in talks with Lion rock and Alteri Investors, an additional firm who has shown interest.
It is thought that Clarks’ pension scheme is well-funded, despite reports of it having a deficit of nearly £200m on a full buyout basis – a term which refers to ensuring members’ benefits are paid in total.
The news outlet also reported that a decision regarding the future of the shoe store should be reached by the end of October.
Retail sector has contacted Clarks for a comment.
