John Lovering, chairman of the U.K. outdoor retailer, Go Outdoors, has stepped down just eight months after joining the firm as chairman. The exit comes as Go Outdoors is poised to sell a minority stake to 3i, a private equity firm.
Lovering, the former chairman of the department store Debenhams, was involved with the failed approach that Go Outdoors made for Blacks
Leisure, the owner of the Blacks and Millets stores, last year, according to British press reports.
3i is in exclusive talks with Go Outdoors to buy a stake of about 20 percent in the 27-unit retailer. PricewaterhouseCoopers (PwC) is running the process.
Go Outdoors posted sales of £114.9 million ($187.8m) for the year to 30 January. It more than tripled pre-tax profits to £4.25 million ($9.95m) the previous year.
