Endless backs MBO at TJ Hughes

A management team at department store chain TJ Hughes has bought the business with backing from turnaround investor Endless.

The long-standing Liverpool-based retailer has been sold by private equity firm Silverfleet Capital.

In a statement Silverfleet partner Gareth Whiley said: “TJ Hughes has in place an excellent management team and it has been a pleasure working with them. We wish them, and Endless every success in this next phase.”

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

A new owner was sought for the business last year when it was valued at around £70m. 

TJ Hughes was backed by Silverfleet Capital in 2003 and under its ownership the business grew from 37 stores to 57. The company has 2,030 staff with about half of these employed full-time.