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Office appoints Truworths CFO as director

British footwear chain Office has appointed the chief financial officer of its new owner, South African fashion retailer Truworths International, as a director.

David Pfaff was made a director at Office on December 4, according to records on Companies House.

Private equity firm Silverfleet Capital sold Office to Truworths for £256m in November 2015. It had owned Office since December 2010.

Silverfleet said the sale followed a five-year period of investment, during which the chain achieved “significant growth” in the UK and Germany.

The £256m price tag was below the £300m valuation reported when Office was tipped for an IPO last year; however, Silverfleet described it as a “great deal”, which is more than three times what it paid for the retailer five years before.

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