The founders of the White Stuff fashion brand are set to collect around £40 million after it was sold to the owners of fellow high street retailers Hobbs, Whistles and Phase Eight.
White Stuff was founded in 1985 by friends George Treves and Sean Thomas as a way of funding their passion for skiing. The title is a riff on the popular Eighties TV drama Boys from the Black Stuff.
They began selling T-shirts in resorts such as Val d’Isere but the brand is best known for popular womenswear products such as its “Sophie” and “Annie” shirts and “Rua” dresses.
It has 113 stores and 46 concessions in the UK, including in John Lewis and Marks & Spencer, with a strong new store opening pipeline including a branch due to open at Gatwick next month. There are three London stores at Muswell Hill, Bromley and Kingston. The company also has 606 wholesale stockists, 178 in the UK and Ireland and a further 428 abroad.
Today it was announced that South African owned TFG London has bought it for an undisclosed sum, thought to be around £50 million.
The founders and their families own nearly 80% of the shares, meannig they will be paid just under £40 million before tax. Both Treves and Thomas, who are in their early Sixties, are stepping down from the business..
In the year to 30 April 2024, the business reported record revenues of £154.8 million and pre-tax profits of £4.8 million. Over 85% of tunover was generated from the store estate and online and the rest from international and wholesale operations.
TFG London is retaining CEO Jo Jenkins and the rest of the leadership team. It snapped up Phase Eight in 2015, followed by the acquisitions of Whistles and Hobbs.
Justin Hampshire, CEO of TFG London, said: “With White Stuff’s strong presence on the high street and significant potential for sustained growth, we are committed to supporting Jo and her talented team with their ambitious roll out strategy to further increase its store and concession estate. Simultaneously, TFG London will continue to invest in the White Stuff brand and online offer to drive further awareness and growth.
Jo Jenkins said: “TFG London is the ideal owner for our business. They value our brand, have a wealth of premium retail experience, and will be excellent long-term owners to support White Stuff’s next phase of growth.
George Treves, said: “While this decision was not an easy one, we believe it’s the right next step for White Stuff and know that TFG are committed to providing White Stuff with new opportunities for growth.”
