Brazin orginally purchased 77 Our Price stores from the Virgin Group in 2001 for a nominal ?2 and purchased a further 41 stores last year for £1. Brazin also received £7.7m from Virgin towards restructuring the business.
Although Brazin had increased profitability across the stores and implemented a successful branding campaign, the company's low market share has forced the management team to re-evaluate its focus. Whether this means the opening of footwear stores, as has been suggested, remains to be seen.
Brazin CEO, Brett Blundy says, "The price achieved from the sale of Sanity Entertainment UK is testament to the job our management team has done to maximise value from our investment there."