Britain’s biggest chain of tanning salons is exploring a £100m sale as it seeks funding to expand even as many consumer-facing businesses are retrenching in the face of economic headwinds.
Sky News has learnt that The Tanning Shop, which trades from nearly 100 sites across the UK, has appointed Grant Thornton, the accountancy firm, to identify new investors.
The business, which was founded by brothers, Adam and Ciaran Mooney, over 30 years ago, is understood to have seen a robust rebound in trading after the series of COVID-19 lockdowns forced its outlets to close.
Accounts for The Feel Good Group, the chain’s parent company, show that it recorded an operating profit in 2021 of nearly £3m, against a loss of almost £2m a year ago.
The business has been backed by Perwyn, a family office investor, since 2018.
Sources said a full or partial sale were possible outcomes from the strategic review being overseen by Grant Thornton.
Based in Darlington, The Tanning Shop has more than 1.5m registered customers.
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It is now focused on expanding into light-based phototherapy services in addition to conventional tanning.
One source said it aimed to pen as many as 50 new sites in the UK in the coming years.
Perwyn and Grant Thornton declined to comment.