Online jeweller The Diamond Store aims to sparkle with sale plan
An online diamonds retailer set up in 2006 has hired finnCap Cavendish, the investment bank, to oversee an auction, Sky News understands.
Mark Kleinman
City editor @MarkKleinmanSky
Monday 3 April 2023 16:28, UK
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One of Britain’s biggest online jewellery retailers has hired bankers to explore a sale after a string of unsolicited takeover approaches.
Sky News understands that The Diamond Store, which was founded in 2006, has appointed finnCap Cavendish to oversee talks with prospective buyers.
City sources said financial and strategic buyers were expected to look at the business.
The Diamond Store was founded by Gary Ingram, an entrepreneur with a background in online marketing who found the process of buying jewellery cumbersome and laden with jargon.
The company is now run by Jeremy Kanzen, who took the helm two years ago.
It describes itself as the biggest player of its kind in the UK.
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In a statement, The Diamond Store confirmed that it had engaged advisers “to evaluate…offers and explore strategic options for the business and the opportunities they may provide”.
It said it had “become one of the most trusted and reputable online jewellers in the UK”, adding that it had shown a “commitment to exceptional customer service, unwavering quality, and competitive pricing”.
It was unclear on Monday what valuation the business might attract in a sale.
FinnCap Cavendish could not be reached for comment on the process.
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