South African group acquires footwear retailer Off - footwearbiz: Lead

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South African group acquires footwear retailer Office

02/12/2015
South African group acquires footwear retailer Office
Private equity firm Silverfleet Capital has announced that it has agreed to sell footwear retail group Office to South African retailer Truworths International. It quoted a price of £256 million for the deal, which it expects to close in early December.

Silverfleet acquired Office from serial footwear industry entrepreneur Tom Hunter in December 2010. In the course of its five years of ownership, it has expanded Office retail outlets from 75 to 115 stand-alone stores in the UK, Ireland and Germany. It also increased the number of concessions to 47, which are based in Selfridges, Topshop, Topman and House of Fraser. This programme has created over 1,200 new jobs.

Headquartered in London and founded in 1981, Office achived sales of £270 million last year.


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