Former Mothercare boss Greg Tufnell has led a management buy-in of the menswear label Peter Werth with backing from Clydesdale Bank.
Tufnell and asset manager Acuity Capital (formerly Electra Quoted Management) joined forces to purchase a majority shareholding in Springrealm, the fashion label’s holding company. Kingsway Acquisitions, the management buy-in vehicle, is planning to expand the Peter Werth brand into other areas including accessories and develop its international presence.
Based in North London, Springrealm’s founder Peter Werth began designing and selling men’s clothes back in 1975. The company has two boutique stores in Brighton and Liverpool and also sells to the UK high street through retailers such as House of Fraser and Littlewoods. Springrealm Limited has a turnover of around £15 million.
Nick Newton, from Clydesdale Bank, who led the bank’s financing for the deal, said: “Peter Werth is an established name in men’s clothing and the opportunity to support such a well known and successful business was extremely attractive. Greg Tufnell brings a wealth of experience to the business and is looking forward to working with the management team to deliver an exciting future.”
The buy-in will see Springrealm continue to build the Peter Werth brand and to trade under the same name. Peter Werth has decided to take a step back from day to day involvement, and whilst he has sold his majority stake, is still being retained as a consultant. The deal sees Springrealm’s other major shareholder David Summers, Mr Werth’s nephew, also sell his stake but he will remain within the business as it moves forward.
Greg Tufnell, managing director and new majority shareholder of Springrealm, said: “This deal will help Springrealm to continue with its growth strategy and secure the future of the company and its people, while at the same time bring a new focus to the Peter Werth label. Suffice to say I am excited about the future.”