Endless JV to run TJ Hughes
TURNAROUND investor Endless has formed another joint venture with retail entrepreneur Anthony Solomon which will see the partnership run department store chain TJ Hughes.
Mr Solomon will join Liverpool headquartered TJ Hughes as executive chairman and take a “significant stake” in the business, which has a turnover of £300m.
Leeds-based Endless has worked with Mr Solomon previously with the partnership co-investing to buy discount book chain The Works Stores in 2008 and retailer JTF in 2009.
TJ Hughes, which sells items including lingerie, beauty products and homewares, has 57 stores with 4,000 staff.
Mr Solomon recently agreed the deal with Endless, which bought TJ Hughes from private equity firm Silverfleet Capital last month, it was announced yesterday.
It is understood the strategy is to stabilise the business before looking to launch more stores.
Endless was last night awarded the Turnaround House of the Year accolade at the Private Equity Awards 2011, the second year in a row the firm has won the award.
