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By
Reuters
Published
Jul 26, 2009
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London store Liberty seeking new investors

By
Reuters
Published
Jul 26, 2009

LONDON, July 26 (Reuters) - Iconic London department store Liberty (LIBE.L) is looking for a new investor to help fund its growth plans, according to The Sunday Telegraph.


Liberty store in London - Photo: www.liberty.co.uk

The company, which is 68 percent owned by MWB Group Holdings (MWB.L), is expected to appoint advisers Cavendish Corporate Finance and Global Leisure Partners to seek out new backers to take over all or part of MWB's stake, the newspaper said.

Liberty, known for its fabrics and its mock-Tudor store in London's West End shopping district, is loss-making, though sales in the first quarter were up 12 percent.

The company had a capitalisation of 58.8 million pounds ($97.2 million), based on Friday (24 July)'s closing price.

As well as its stake in Liberty, MWB owns the Malmaison and Hotel du Vin hotel chains. (Reporting by Paul Sandle, editing by Will Waterman) ($1=.6049 Pound)

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