Management buy out TJ Hughes
The discount department store TJ Hughes has been sold to its management in a private equity-backed deal. The Liverpool-based firm, which has 57 stores and more than 4,000 employees, is being bought for an undisclosed sum by a team led by recently appointed chief executive Beatrice Lafon with financing from turnaround specialists Endless.
Its previous owner Silverfleet – the private equity group that snapped up shoe retail firm Office in December – bought TJ Hughes for about £70m in 2003. The sale follows recent reports that TJ Hughes has been hit by the withdrawal of credit insurance for its suppliers after a battle to secure working capital.
TJ Hughes is completing a refinancing with Burdale, which is an arm of Bank of Ireland.
Subscribe to Independent Premium to bookmark this article
Want to bookmark your favourite articles and stories to read or reference later? Start your Independent Premium subscription today.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies