White Stuff ditches investment search
- Published: 30 July 2008 09:03
- Author: Ana Santi
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- Last Updated: 30 July 2008 09:16
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White Stuff has ditched plans for private equity investment in the business as sales rise.
The surfwear-inspired retailer and wholesaler said that it was no longer seeking investors, as like-for-like sales rose 15% for the quarter to the end of July, according to The Daily Telegraph.
The company's founders Sean Thomas and George Treves said in May that they wanted to sell part of their 80% stake.
However, chief executive Sally Bailey said that despite interest in the investment, the company decided to carry on without it.
Like-for-like sales across its stores rose 15% for the 13 weeks to July, while total sales rose 46% to £12 million.
White Stuff's online business soared by 78% during the quarter, with Bailey attributing the company's growth to its target audience.
White Stuff will open its 50th store in Cambridge next week.
