Office Shoes has changed hands in a £256m deal.
South African fashion retailing group Truworths International has bought a majority 89% stake in the multichannel retailer, a Top100 company in InternetRetailing’s IRUK Top500 research, in a deal that closed on December 4 and brings it into the UK market for the first time. The sellers were investment funds advised by European private equity company Silverfleet Capital. The remaining 11.1% is still owned by Office’s management, though Truworths has the option to buy those shares between three and five years after the acquisition.
Office currently trades through stores in the UK and Ireland, 47 department store concessions, six shops in Germany and online. About 20 of revenues are generated through ecommerce; total sales reached £270.2m in the year to January 2015.
Truworths chief executive Michael Mark said the deal would give the company access to British and European retail markets, diversifying its customer base and earnings.
Law firm Shoosmiths advised Truworths International on the deal.
