Stuart Rose firm bids for collapsed D2 jeans stores
Blue Inc, the young fashion chain backed by Sir Stuart Rose, is poised to buy 21 stores of the jeans retailer D2 out of administration, which could save about 200 high street jobs.
The menswear retailer could seal the deal with D2's administrator, BDO, as early as today, bringing its store count to 191.
Blue Inc, formerly Mr Byrite, previously acquired 46 Officers Club shops out of administration in March. Sir Stuart, the former chairman of Marks & Spencer, joined the billionaire brothers Simon and David Reuben in investing in Blue Inc last year.
It is understood that the 21 D2 stores, that will be rebranded Blue Inc, are all profitable but both parties declined to comment.
D2, which was originally owned by the Scottish billionaire Sir Tom Hunter, collapsed into administration days after Christmas for the second time in two years. BDO promptly shut 19 of D2's 47 stores and started a search for a buyer for the remaining 28 shops.
Blue Inc's expected store purchase is a fillip for the high street that has seen retailers, including La Senza, Past Times and Hawkin's Bazaar, enlist the help of administrators over Christmas.
There are no such concerns for Blue Inc, which is thought to be considering a flotation later this year. The chain has grown rapidly since Steven Cohen, its chief executive, led the acquisition of the former Mr Byrite business in 2006 via the holding company he founded, Marlow Retail. Blue Inc is believed to have posted a 38 per cent rise in its underlying profits to about £4m for the year to 31 December, on sales up sharply to more than £75m. Mr Byrite was only breaking even, on sales of about £15m in 2006.
Sir Stuart, who retired as the M&S chairman in January 2011, has also invested in The Hut Group. His stake in Blue Inc is thought to be less than the £2m invested by the Reuben brothers, who have a personal fortune of £6.18bn.
Board creates magnetic field to achieve lift
Follow the latest events from this Champions League fixture
Company reveals $542m investment in start-up building 'a rocket ship for the mind"
Like Madonna, Sister Cristina Scuccia's video is also set in Venice
Singer says the track was 'force-fed down people's throats'
techThe original free dating app will remain the same, developers say
- 1 Jack the Ripper: Scientist who claims to have identified notorious killer has 'made serious DNA error'
- 2 Banksy arrest hoax: Internet duped by fake online report claiming artist's identity has been revealed
- 3 Drink alcohol and eat meat to improve male fertility - but cut down on coffee, studies suggest
- 4 Former East 17 frontman Brian Harvey turns up at Downing Street and 'demands to speak to Prime Minister'
- 5 The inventor of the Facebook 'like' button says he never made a 'dislike' button because he feared the 'unfortunate consequences'
Ukraine crisis: Donetsk 'tactical missile' explosion at factory sends blast wave across rebel-held city
Jack the Ripper: Scientist who claims to have identified notorious killer has 'made serious DNA error'
Oscar de la Renta dead: Legendary US fashion designer dies after long cancer battle aged 82
Banksy arrest hoax: Internet duped by fake online report claiming artist's identity has been revealed
Super-sized ships arrive in Britain: How big can they get?
Cameron is warned 'no possibility' of UK reducing immigration and that bid to bring in quota on migrant workers would be illegal
Residents should throw a street party and mix with immigrant neighbours, councils told
Russell Brand threatened with arrest after filming outside Fox News headquarters
London bus driver 'kicks gay couple off for kissing'
Lord Freud: Tory welfare minister apologises after saying disabled people are 'not worth’ the minimum wage
Lord Freud hangs on as MPs of all parties 'call for his head' over disability comments
iJobs Money & Business
£23000 per annum + pension and 22 days holiday: Ashdown Group: An established ...
£27000 per annum + pension, 22 days holiday: Ashdown Group: An established ind...
£23000 - £26000 Per Annum: Clearwater People Solutions Ltd: Our client is curr...
£25 - 30k: Guru Careers: A Corporate Actions Administrator / Operations Admini...