​Dr Martens may be stock exchange-listed but its ultimate controlling shareholder remains private equity giant Permira, However, the Permira V Fund has undergone a restructure of its holding of shares in the business.

It means IngreGrsy Limited (a newly incorporated Guernsey company) has replaced IngreLux S.àr.l. (a Luxembourg entity) in the Permira Fund V structure.

IngreLux S.àr.l has transferred its 38.46% shareholding in the company to IngreGrsy Limited.  As a result, IngreGrsy Limited replaced IngreLux S.àr.l. as its largest shareholder with effect from this week.

The Permira V Fund ownership structure is otherwise unchanged and remains ultimately controlled by Permira V GP Limited and advised by Permira Advisers LLP.

Permira acquired Dr Martens from the Griggs family 10 years ago for £300 million and it the firm listed on the London Stock Exchange in 2021 at a value of £3.7 billion.

But its share price has since fallen by around 85% as results have disappointed and a succession of profit warnings have been released.

This performance means that the exec team at the firm won’t be getting their bonuses this year, despite the company remaining profitable.

Its latest annual profit of £93 million was below the minimum threshold of £149 million for its executive directors to qualify for a bonus.