Your browser is no longer supported. For the best experience of this website, please upgrade to a newer version or another browser.

Your browser appears to have cookies disabled. For the best experience of this website, please enable cookies in your browser

We'll assume we have your consent to use cookies, for example so you won't need to log in each time you visit our site.
Learn more

£70m TJ Hughes seeks a buyer

TJ Hughes has begun a formal sale process, which could value the discount department store chain at about £70m.

The retailer, which is backed by private equity firm Silverfleet Capital, issued an information memorandum for the 52-store chain this week.

TJ Hughes chief executive Sue Tennant told Drapers that the business was “open-minded” about the type of buyer it would consider.

It is understood that a small number of trade players have been sent the memorandum. First-round bids are due on April 29 and the process is being overseen by corporate advisory boutique Hawkpoint.

Liverpool-based TJ Hughes was bought by Silverfleet in November 2003 as part of a management buyout worth £56m.

Tennant said the business had a “strong Easter after a strong Christmas” and continued to perform “well”. Like-for-likes rose 4% over Christmas, and in the year to January 31, 2009, turnover swelled 9.1% to £261.3m and EBITDA jumped 30% to £9.2m.

Have your say

You must sign in to make a comment

Please remember that the submission of any material is governed by our Terms and Conditions and by submitting material you confirm your agreement to these Terms and Conditions. Links may be included in your comments but HTML is not permitted.