The former owner of Wagamama restaurants is in detailed talks to buy Britain’s third-biggest funeral services provider in a deal worth close to £200m.
Sky News has learnt that Duke Street is in exclusive negotiations to acquire Funeral Partners from fellow private equity firm Montagu Private Equity.
Sources said the talks were ongoing and could lead to an agreement being formally reached in the coming months.
Funeral Partners, which was founded in 2007 by Philip Greenfield, oversees more than 20,000 funeral services annually.
It now trades from more than 280 branches across the UK, competing with the like of the Co-op’s Funeralcare arm.
If completed, it would represent a return to the industry for Duke Street, which previously owned Laurel Funerals.
It sold that business to Dignity and Funeral Partners, meaning it would effectively be reacquiring a number of assets it used to own.
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News of the talks comes days after it emerged that Pure Cremation had kicked off talks with potential buyers about a deal which could be valued in the region of £700m.
HSBC is advising on the sale of Funeral Partners.
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Duke Street declined to comment on Wednesday, while Montagu has been contacted for comment.
