Two established womenswear chains will be sold to the new owners of Noni B should the acquisition go ahead, according to a document obtained by Inside Retail PREMIUM.
Events and Queenspark, owned by URB, are expected to be purchased by Alceon Bidco for $1.7 million should the Noni B acquisition be made final.
The two chains have a total network of 44 stores, mainly in NSW and Queensland.
According to Alceon Bidco’s bidder statement, the acquisition of URB is “strategically and operationally important”.
For the financial year ended 30 June 2014, URB had total sales of $30 million. It is owned by its management team and private investors.
As part of its proposed intentions for the chain, Alceon Bidco also plans to remove Noni B from the ASX, replace all directors of Noni B with its own nominees, and appoint former Bras N Things CEO, Scott Evans, as group CEO.
Evans has 20 years’ experience in Australian and international retailing in both womenswear and menswear.
His previous roles include group CEO of Bras N Things and GM of womenswear brands Millers and Crossroads.
Alceon Bidco says it intends to retain the current joint MDs of Noni B, David Kindl and James Kindl, in senior management positions.
