The domestic shopping tycoon who was among the most prominent business supporters of Britain’s exit from the EU put his company up for sale just a few months before the end of the Brexit transition period.
Sky News understands that John Mills has instructed Cavendish Corporate Finance to contact potential buyers of JML, a multichannel consumer products retailer.
The process is at an early stage and should not result in an agreement for several months, according to people close to the process.
Mills founded JML in 1986, in the basement of his home in North London, since it became a business with over £ 100 million in annual sales.
He continues to hold a stake of approximately 70%.
As founder of the Work Permit, the tycoon was a vocal advocate for Brexit.
Image: Mr Mills, second on the right, was among prominent Labor Party figures to support Brexit
JML’s logical bidders are likely to include rivals such as Ideal Shopping Direct, which is supported by the investor in special situations Aurelius Equity Opportunities.
In a statement, a JML spokesman said the company “recently got involved with potential investors”.
“Management would like to point out that the businesses are in excellent financial health and were well negotiated during the first half of 2020, despite COVID-19”.
The spokesman said JML’s direct consumer operation had “very significant growth during the pandemic”.
“The intention of top management is to stay in the long term and the company has ambitious plans for profitable growth in the second half of 2020 and beyond.”