A FAMILY-RUN 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.
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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.
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.
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“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, it 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 retailer currently employs more than 1,200 people.
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.”
White Stuff has 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.
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“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.”
How to bag a bargain
SUN Savers Editor Lana Clements explains how to find a cut-price item and bag a bargain…
Sign up to loyalty schemes of the brands that you regularly shop with.
Big names regularly offer discounts or special lower prices for members, among other perks.
Sales are when you can pick up a real steal.
Retailers usually have periodic promotions that tie into payday at the end of the month or Bank Holiday weekends, so keep a lookout and shop when these deals are on.
Sign up to mailing lists and you’ll also be first to know of special offers. It can be worth following retailers on social media too.
When buying online, always do a search for money off codes or vouchers that you can use vouchercodes.co.uk and myvouchercodes.co.uk are just two sites that round up promotions by retailer.
Scanner apps are useful to have on your phone. Trolley.co.uk app has a scanner that you can use to compare prices on branded items when out shopping.
Bargain hunters can also use B&M’s scanner in the app to find discounts in-store before staff have marked them out.
And always check if you can get cashback before paying which in effect means you’ll get some of your money back or a discount on the item.
Do you have a money problem that needs sorting? Get in touch by emailing money-sm@news.co.uk.
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