Magnet Sold as Nobia Exits UK Operations
- brg_news_room
- Jan 15
- 1 min read
UK: Magnet, a kitchen fixtures retailer, has been sold to UK-based private equity firm Alteri Partners for a peppercorn fee of 0 pounds (0 EUR). The transaction forms part of the exit of Swedish kitchen group Nobia from the UK market and includes the brands Gower, Commodore and CIE. As part of the agreement, Alteri Partners has assumed responsibility for Magnet’s store lease obligations, amounting to just over 60 million pounds (EUR 69.2 million).
Nobia stated that the divestment reflects a strategic decision to withdraw from the UK, citing market conditions following Brexit and the COVID-19 pandemic as factors affecting performance. The company indicated that it plans to concentrate on its core Nordic markets, including its manufacturing operations in Sweden and its established brands in those regions.
Source: Completely Retail
