Dr Martens ups asking price to £200m

Further to our report in May that British footwear

brand Dr Martens was up for sale, estimates for the brand have now gone up from £120m to £200m.

According to The Independent, the price tag of £200m, is significantly more than was first expected for the brand, whose owners R Griggs Group appointed investment bank Rothschild in February to seek out potential buyers.

Second-round bids for the brand are due this week and private equity firm Electra Partners is among those bidders thought to be in the running.

The company has enjoyed a turnaround in recent years after nearly going under a decade ago. Last year revenue shot up 33% to £110m with the US accounting for half its sales.

Pre-tax profits grew to £15.3m for its global sales as the iconic shoe brand is now available in over 60 countries.

Dr Martens boots were originally designed as standard footwear for the German army. The brand now sells boots, shoes and clothing under the Dr Martens label.