Co-founders Peter Werth and David Summers have sold their entire shareholding in parent group Springrealm to Tufnell and private equity firm Electra Quoted Management, who were backed by Clydesdale Bank.
Tufnell, who has taken a majority share in the brand, said: “Peter Werth is a well-established and well- regarded brand. It has been consistently profitable and its market positioning and pricing were attractive to me. It has enough volume and enough premium status to create good margins and returns.”
Tufnell reassured Peter Werth’s 250 stockists that the deal was “great news” for the brand and said there was huge potential for growth. He said he would look to expand Peter Werth beyond its smart casual roots into other product categories, which could include accessories. He is also expected to unlock international markets for the brand, which has limited overseas distribution.
Tufnell added that he would look at potential expansion of shop-in-shops as well as a retail roll-out. The business already has stores in Liverpool and Brighton.
Peter Werth himself will step down from day-to-day management at the brand he founded in 1975, but will act as a consultant to the new management team through a handover period. Summers will remain at the brand as sales director, but is no longer a shareholder.
For more see this weeks' Drapers magazine.