Linda Bennett is unlikely to finalise the sale of her LK Bennett chain for several months if at all despite recent press reports.
The womenswear and footwear retailer was linked to a sale to private equity firm Phoenix Equity or US firm Golden Gate Capital last week.
However, sources close to the situation told Drapers this week that a deal “looked increasingly unlikely” given that offers were below the £100 million asking price. One source said Bennett was hanging on in the hope of raising more cash.
One source said: “The option is still there that Linda does nothing. There does seem to always be a price issue.”
Another source said the business was an attractive option to private equity despite the difficult sale process – the business was first touted round the city in at the end of summer 2007.
An LK Bennett spokeswoman confirmed: “It’s between Golden Gate and Phoenix. Linda isn’t worried about the timing and will hold out for the best offer.”