© Reuters. FILE PHOTO: Consumers stroll previous the John Lewis division retailer on Oxford Avenue in London, Britain December 17, 2018. REUTERS/Simon Dawson
(Reuters) -British retailer John Lewis, which has been 100% owned by its workers, is contemplating diluting its partnership construction, The Sunday Instances reported on Saturday.
The report mentioned that the corporate would think about promoting solely a minority stake and its precedence can be to take care of majority worker possession.
Chairperson Sharon White is within the early phases of exploring a plan to alter the retailer’s mutual construction so it may possibly attempt to elevate between 1 billion and a pair of billion kilos ($1.22 billion-$2.44 billion) of recent funding, the report mentioned.
Any exterior investor must share the partnership’s employee-centric values, the report added.
The corporate, which runs John Lewis department shops and grocer Waitrose, mentioned on Friday it must lower workers numbers and scrap bonuses this 12 months, flagging an unsure outlook as clients battle with inflation.
John Lewis didn’t reply to a request from Reuters for remark.
($1 = 0.8214 kilos)