Endless acquires TJ Hughes

Endless was interested in the company as it already has other investments in the retail sector. Plans for the company include improving its products and a new customer positioning.

Debt
There was no debt structure involved in this transaction.

Previous funding
Silverfleet acquired TJ Hughes in 2003 in a MBO for £55.80m from JJB Sports. Since then, the company has increased the number of stores from 37 to 57 shops. A refinancing was completed previously with Burdale, an arm of the Bank of Ireland.

Company
TJ Hughes is a discount department store founded in 1912 and headquartered in Liverpool. The company offers a wide product range including homewares, soft furnishings, beauty & fragrance, menswear, lingerie, toys and electrical. The shop employs around 4,000 people and has 57 department stores nationwide. In 2010 the turnover of the company was around €300m.

People
Gareth Whiley managed the exit for Silverfleet Capital. Darren Forshaw and Aidan Robson represent Endless.

Advisers
Equity – Eversheds (Legal).

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