Magnet has confirmed that it is not planning any store closures, redundancies or major structural changes following its recent acquisition by UK private equity firm Alteri Partners. Speaking exclusively after the deal, the kitchen retailer moved to reassure employees and customers amid uncertainty created by its former owner Nobia's decision to exit the UK market.
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The reassurance comes under the leadership of Magnet's recently appointed managing director Sophie Rose, whose three-year strategy remains firmly in place. According to a company spokesperson, Alteri Partners is fully supportive of the plan and sees the investment as a continuation of Magnet's long-term growth ambitions rather than a trigger for large-scale restructuring.
"Magnet is pleased to have secured investment from Alteri as we move into the next phase of our three-year plan," the spokesperson said. "While we continue to review performance and efficiencies, as all retailers do, there are no widespread plans for store closures or redundancies as a result of the change in ownership."
Founded in Yorkshire in 1918, Magnet has a long history in the UK kitchen sector and was acquired by Nobia in 2001. Under Alteri's ownership, the business now joins a portfolio that includes other consumer and interiors brands such as Bensons for Beds.
With Sophie Rose at the helm, Magnet is positioning the ownership transition as a stabilising move, reinforcing continuity and confidence at a time when parts of the UK retail sector remain under pressure.
Source: www.kbbreview.com
