South African clothing retailer Truworths will complete its acquisition of UK footwear chain Office this week, according to reports.
Truworths is expected to seal the deal for £260m – below the £300m valuation previously reported, sources told Sky News. It is thought the long-awaited deal will be announced today.
Truworths confirmed that it was considering a bid for Office more than two months ago.
Office made sales of £270.2m for the year ended January 25, up 5.5% on the previous year, while EBITDA before exceptional items increased 15% year-on-year to £38.1m, according to the latest results filed at Companies House.
The company had 110 stores in the UK, Ireland and Germany at the end of the year under the Office, Offspring, Poste and Poste Mistress fascia, in addition to 46 concessions in House of Fraser, Selfridges, Topshop and Topman.
Truworths has a market value of £1.7bn with more than 650 stores in South Africa and 40 in the rest of Africa.