UK retailer Crew Clothing has been sold to a group led by a US-based silent investor, while CEO Louise Barnes has quit the business.
The business, which was founded in 1993 by Alastair Parker-Swift, was previously owned by private equity firm Livingbridge.
Livingbridge said the sale follows a period of “strong growth” at the business, driven by Barnes, who joined the business in 2014. Her previous roles include being a director at Joules and chief executive at FatFace.
The buyer is thought to be US investor Michael Shina. In November, sources indicated he was expected to buy the business.
One source indicated that the deal is expected to lead to “some” store closures. Crew Clothing has 80 UK stores, including outlets, its website indicate.
In Crew Clothing’s latest set of accounts filed with Companies House, EBITDA slumped by 18.2% to £2.4m in the year to 30 October 2016. Pre-tax losses at the retailer increased from £2.5m to £2.9m last year following investment in its head office. However, turnover rose by 5.9% to £58.3m.
Shina founded US wholesaler Exquisite Apparel, which is based in New York.