Hongkonger bids for Hamleys

Hamleys, the world’s oldest toy store, is set to become Hong Kong owned.

French owner Ludendo, which rescued the business from a collapsed Icelandic bank three years ago for just £60 million, is reportedly in final stages of negotiation to sell the business to a Hong Kong company, run by a relative of Yuan Yafei, the Chinese owner of UK department store House of Fraser.

Under Ludendo’s ownership, Hamleys has grown into an international toy brand, opening stores in Russia, Malaysia, Singapore – and this week in Vietnam. The company now has 53 stores owned or franchised. It turned over £62 million last year and posted a profit of £4.5 million.

Yafei was at one stage linked to a bid for Hamleys as part of an expansion of his international retail portfolio.

A Hamleys spokesman said the company had no response to media speculation over the retailer’s future.

“There is always interest in Hamleys. I cannot comment on recent press articles.”

Founded in 1760 as Noah’s Ark, Hamleys opened its Regent St flagship store in London’s West End in 1881.

You have 7 articles remaining. Unlock 15 free articles a month, it’s free.