Bensons for Beds owner Alteri Partners says it will maintain Magnet’s store and staff levels after adding the chain to its retail portfolio.
Swedish kitchen group Nobia sold the chain for £0 (zero) after Alteri took on ownership and Magnet’s £60m liabilities, mainly the leases on its stores.
The deal also includes the Gower, Commodore and CIE brands. They and Magnet had combined sales of £352m in the year to the end of September 2025, but losses of almost £9m.
Nobia’s efforts in recent years had centred around a smaller Magnet store format, but the group decided to leave the UK market and focus on higher margin territories.
‘As the UK’s number one specialist kitchen provider, we’ve made significant progress across retail, trade and B2B, and it’s fantastic to have a partner who recognises the strength and potential of these. From the momentum we’re seeing in our smaller-format showrooms to the exciting partnerships we’re developing, we’ve built a strong platform for growth. With Alteri’s resources and expertise, we can now accelerate that progress and take our three-year plan even further,’ says Sophie Rose, Magnet ceo.
‘We are very excited to support a specialist kitchen provider with such strong heritage and a clear plan for growth. The business has shown resilience in a challenging market and has built solid foundations for the next phase. Its broad capability across the kitchen sector and ability to deliver at scale stand out. We see meaningful opportunity ahead and look forward to supporting the team as they execute their plans,’ says Arnold Vos, Alteri investment partner.
