Shares in celebrity jeweller Theo Fennell gained 5 per cent this morning after it reported booming Christmas sales and revealed it was now in talks with multiple parties over securing new investment to fund its international expansion plans.
The upmarket retailer, which counts actress Kate Beckinsale among its clients, said underlying sales in the three weeks to Christmas Eve leaped by 32.7 per cent compared with last year.
With sales for the nine months to the end of December increasing by a like-for-like 15 per cent, Theo Fennell said it was on track to meet its profits for the year, forecast by analysts to reach about £700,000.
During the six months to the end of September Theo Fennell made pre-tax losses of £64,250.
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Sales this year were driven by its design-led ranges, in particular the Arts and Trellis collections, and Theo Fennell’s haute couture and signature pieces.
Richard Ratner at Seymour Pierce said Theo Fennell “must be at the very top of the retail pack this Christmas”, although he also pointed out the small size of the company and that “the odd couple of thousand pounds of additional sales can make a huge difference”.
But, having gained 15 per cent last November when it first said it had received an approach from a potential investor, shares in Theo Fennell rose by 2p to 41p this morning after it said it was no longer in exclusive talks with a potential partner.
The company said that since November, it “has been approached by a number of other interested parties with whom it is now in discussion and is therefore no longer in exclusive talks with any single party”.
It added: “The current discussions are to secure new investment for the company to enable it to accelerate its business plan of expanding overseas through concessions and franchises.”
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The shares rise values Theo Fennell at more than £6 million.
Richard Northcott, the chairman of Theo Fennell, said: “The Theo Fennell designs are now highly recognisable and in demand domestically and internationally. We are at the very early statges of our international expansion, with a strong and growing UK business.”
For full details on the shares click here