South African retail group Truworths has acquired an 88.9 per cent stake in Office Retail Group for £256 million. Office Retail has 109 stores in the UK and Ireland together with 47 concessions in Selfridges, Topshop and House of Fraser plus six stores in Germany. The shoe specialist also sells online with the eCommerce channel responsible for 20 per cent of its sales. Key management will remain with the business and are to retain an 11.1 per cent stake with Truworth holding an option to buy that stake in 3-5 years following the deal.
The business was previously majority owned by investment funds advised by private equity group Silverfleet Capital which had invested since 2010. Commenting on the transaction CEO of Office Brian McCluskey said ” I would like to thank Silverfleet for their support to our business over the last five years, during which we have grown significantly in the UK and expanded into Germany.”
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