Investment firm Bluegem has sold its majority stake in high-end department store Liberty London.
Bluegem bought 40% of the iconic retailer in 2010 for £32m.
Today, the deal is worth £300m, 12 times its original equity investment, according to the Financial Times.
Private equity firm Glendower Capital, and Bluegem’s rival, picked up the stake.
Its remaining shares are not part of the deal.
Commenting on the deal, Liberty London told Cosmetics Business it had “no commentary and had nothing to add”.
The heritage listed building was founded in 1875 by Arthur Lasenby Liberty, with only three staff on Regent Street.
The store as it’s known today was restructured by Edwin T. Hall and his son Edwin S. Hall, which was completed in 1924.
Today, it employs more than 500 staff and posted earnings of £21m in 2018, a 5.3% increase on the previous year.
