Russian tycoon to buy Holland & Barrett for €2bn

Russian billionaire, Mikhail Fridman’s L1 Retail investment vehicle has agreed to buy British retailer, Holland & Barrett, for £1.77bn (€2.01bn), in its first acquisition, betting on continued growth and expansion abroad for the health foods chain.

L1 Retail, part of Mr Fridman’s empire, which spans investments from ride-hailing firm, Uber, to North Sea assets, said it expected to complete the purchase from Nature’s Bounty and the Carlyle Group by September, subject to regulatory approvals.

Britain’s retailers face an uncertain future, with consumer spending slowing and online competition picking up.