Swedish pharmaceuticals mogul is the reported buyer of the
chic brand started some 40 years ago by Tim and Kit Kemp.
LONDON – High-profile, London-based boutique hotel owner-operator
Firmdale Hotels has sold a 20% stake in the business for a rumored £300 million
to Swedish pharmaceuticals tycoon Lennart Perlhagen.
The majority of Perlhagen's stake reportedly came from new shares issued by Firmdale, which is still controlled by the Kemp family trust.
Founded in 1985 by the husband-and-wife team of Tim and Kit
Kemp, Firmdale currently has eight properties in London and three in New York
City. The Kemps have not yet confirmed the sale.
In April 2022, the group acquired a long leasehold interest
in three adjacent buildings in Bloomsbury which it plans to convert into a hotel.
The group is reportedly looking for other opportunities in London.
The Standard in London reported that in 2015 Tim Kemp valued
the business at £500 million to £600 million and since then its revenue has
doubled, underlying profit has almost trebled and net assets have increased by
60.3% giving the group a value as high as £1.5 billion.
It said Firmdale Holdings business generated £17.8 million
of operating profit on a record £198.2 million of revenue in the year to January
31, 2024.
Perlhagen’s connection with the group started in began 2021
when Lennart’s son Richard became a shareholder on the Firmdale board.