A MAJOR fashion brand with 100 UK branches has been bought out by a major fashion group.
White Stuff has been snapped up by The Foschini Group (TFG) in a deal believed to be worth around £50million.
TFG, a South-African fashion group, already owns fashion brands Hobbs, Whistles and Phase Eight.
White Stuff, which was founded in 1985, currently runs 113 stores and 46 concessions inside John Lewis and M&S branches.
No stores will close and no staff will be let go as part of the deal.
The retailer currently employs more than 1,200 people.
George Treves, co-founder of White Stuff, said: “Today marks a significant and emotional milestone for Sean and me.
“We have spent over 40 years building this company from the ground up.
“We have achieved more than we ever dreamed possible, thanks to the incredible dedication of our team, the support of our customers, and the commitment of our suppliers.”
It comes after the founders of White Stuff were said to be exploring a sale of the business earlier this year.
At the time it was understood no stores would be closing as part of any deal.
Last November, bosses also announced plans to open more shops, with several having opened since then.
In April this year, White Stuff reported record revenues of £154.8million, with 85% of revenue coming from online and store sales.
TFG said all colleagues across the business would keep their roles as part of the deal struck today, but that founders George Treves and Sean Thomas would step down.
The acquisition marks TFG’s expansion into the fashion retail market, having bought out Phase Eight in 2015, followed by Whistles then Hobbs.
Justin Hampshire, chief executive officer of TFG London, said: “We are thrilled to welcome the White Stuff team into the TFG London family.
“We have long admired the White Stuff brand which is synonymous with unique detail and exceptional quality.
“The addition of White Stuff to TFG London diversifies and strengthens our existing womenswear portfolio, adding the first lifestyle brand while also bringing a well-established menswear offer and its loyal and resilient customer base.”
He added that White Stuff would be looking to increase its number of stores and concessions across the UK.
White Stuff had been in advanced talks with TFG over a sale of the business for the last couple of days, Sky News reported.
A number of other parties were also believed to be interested in snapping up the retailer.
Today, Jo Jenkins, chief executive officer of White Stuff, said: “We have spent over 40 years building this company from the ground up.
“We have achieved more than we ever dreamed possible, thanks to the incredible dedication of our team, the support of our customers, and the commitment of our suppliers.
“Together, we have built something truly special.”
Companies that have been bought out
White Stuff is not the first company to have been bought out in recent years and months.
Carpetright was bought out by rival Tapi in a rescue deal in July this year, with 1,000 jobs cut and store closures announced.
CDS Superstores, trading as The Range and Wilko, also bought out Wilko’s website and some stores last year.
It came after Wilko collapsed into administration last year.
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