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TJ Hughes sold

TJ Hughes, the discount department store, has been refinanced and sold to a restructuring specialist, thought to be Endless.

Restructuring firms including GA, Hilco and Endless have been linked to the business, but industry sources believed Endless had taken control.

TJ Hughes’ private equity backers Silverfleet pulled a potential £70m sale of the business in June last year, with sources at the time attributing the decision to market conditions.

This week, it was reported that TJ Hughes had its credit insurance pulled by credit insurer Euler Hermes.

The business had also been refinanced using an asset-based facility with Burdale, an arm of the Bank of Ireland, to give it access to £15m to £20m of working capital.

Silverfleet acquired the TJ Hughes business in November 2003 as part of a management buyout worth £56m.

It is unclear whether current management will remain in place at the business. In January Beatrice Lafon, former chief executive of Dutch value chain The Etam Group, joined the business in the same role after Sue Tennant left the business.

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