Brandsco takes menswear stake
CHESHIRE entrepreneur Marcus Cassidy is taking a 45% stake in menswear brand Pendleton & Cross through his Brandsco business.
In a statement on the Plus market for smaller companies Brandsco, which is looking for opportunities in retail branding and licensing, said it had taken an option to buy the stake in a deal valued at £50,000.
An initial consideration of £5,000, settled with 500,000 1p shares, will be followed by a further £45,000-worth of shares six months later.
Pendleton & Cross was launched in 2005 and supplied to top end retailers but it stopped trading in 2008. According to Brandsco the original owner, David Barnett, a clothing entrepreneur with more than 30 years’ experience, has re-established the brand.
The company is planning to fund the production of a new range of shirts, polo shirts and t-shirts. Brandsco said it had financed the deal through a £50,000 loan facility with High Capital Investments.
The additional 500,000 shares have already been admitted to Plus, boosting the company’s total share capital to 397 million shares. Warrington-based Mr Cassidy is also the chairman of the landlord In House.
