Family-run Northern grocery chain Booths is looking for a buyer, according to a report in The Sunday Times.
The upmarket food store, which has 28 outlets across Lancashire, Cumbria, Cheshire and Yorkshire, employs over 2,800 people.
The company reported a loss of £6.3m last year. In the prior year, Booths made a £1.1m profit.
The chain, which has been in the Booth family for 170 years, is looking for a buyer according to reports. Booths has reportedly hired advisers from NM Rothschild to solicit takeover bids.
In a statement, Booths said: “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.” Booths took a hit this year over what it’s chairman and chief executive called “turbulent times”.
The supermarket chain, dubbed the ‘Waitrose of the North’, was forced to call in accountants for a review of the business after reporting a £6.3m.
Flood damage, staff changes and the cost of new stores all pushed the Lancashire chain into the red in its last financial year. The firm said sales were downby 0.7 per cent.
Earlier this year, Mr Booth said: “Booths is a resilient 170-year-old family owned retailer with strong brand loyalty and leadership in place. These are turbulent times for the retail industry, which is rife with conjecture and speculation. We have an effective plan and team in place to ensure Booths remains a much-loved retailer for our customers here in the North.”