Silverfleet acquires Office from West Coast Capital

The deal value was not disclosed but reported to be in the £150m range. Management took a stake in the new structure, while Lloyds, Banca IMI and Cooperative Bank provided debt to finance the acquisition.

Silverfleet was attracted by the visibility of the business and believes the management team fully understands Office customers' needs. It also foresees strong growth potential for the young fashion sector of the footwear market and will aim to develop the brand both in the UK and abroad.

The chain was bought by West Capital in 2003 for about £16m. It has since expanded across the UK, from 21 stores in 2003 to 125 at present. Office has prospered in 2009 despite the downturn, posting a £146m turnover (up 29%) and a £18.5m EBIT (up 148%).

The unquote" team is currently researching this transaction. In-depth deal information for subscribers will follow shortly.

If you have any information regarding this transaction, please contact Grégoire Gille on +44 20 7484 9824 or gregoire.gille@incisivemedia.com

 

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