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River Island family takes control of Mint Velvet

Lewis Trust Group, the investment business set up by the family that founded River Island, has taken control of womenswear retailer Mint Velvet in a deal that reportedly values it at more than £100m.

Lewis bought a “significant” stake in Mint Velvet in December 2015 to support its growth strategy. 

It exercised the option to take full control of the retailer last week. 

Mint Velvet was founded in 2009 by its chief executive Liz Houghton, brand director Lisa Agar-Rea, design director Jane Rawlings and former chief operating officer Stuart Grant.

Houghton and Agar-Rea will continue to run the business. 

Peter Davies and Grant will remain non-executive directors. 

Grant told Drapers: ”Following on from the initial investment in 2015, the Lewis Trust Group made a further investment in Mint Velvet last week. The new investment reflects LTG’s confidence in the business, brand and team at Mint Velvet. The brand continues to be run as an independent entity by co-founders Liz Houghton, CEO, and Lisa Agar-Rea, brand director.”

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