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Several London newspapers are reporting that the
sale of Boxclever, the
UK's largest rental chain, is complete.
The London Telegraph reports the sale of Boxclever to US private equity firms
Cerberus Capital and
Fortress Investment Group for €200m; a significant loss to
Boxclever's owner, German bank
WestLB.
In 1999, Granada Rentals and Radio Rentals joined forces to form BoxClever.
This created the UK's largest Rent to Own with over 900 stores
under three brands; Radio Rentals, Granada, and Box Clever. At one time, the
company employed 9,000
people and claimed to have more than 2.3m customers with annual revenue exceeding £700m
($1 billion).
developing...
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