Value retailer The Original Factory Shop (TOFS) has been acquired by specialist retail and consumer investment boutique Modella Capital.
TOFS
It will join 119-store retailer Hobbycraft in the private equity firm’s stable of brands after Modella made a “last minute bid” for the discount chain last week, Retail Gazette reported.
It secured the winning bid after talks between TFOS’ parent company Duke Street and In The Style owner Baaj Capital ended in stalemate.
Variety retailer TFOS operates 180 UK stores, employing 1,800, stocking a wide range of products, from a host of major brands including Calvin Klein, Adidas and L’Oréal and as well as furnishings, DIY and gifting.
In recent years its financial position has become more precarious, particularly for the year to 26 March 2023 (its most recent earnings filing), when it swung to a pre-tax loss of £1.7 million, while sales fell 4% to £118 million.
Fellow private equity firm Duke Street, which has operated TFOS since 2007, had been mulling a sale of the business more recently, eventually appointing advisors at Teneo to oversee an official sales process in December.It previously worked with Deloitte in 2023 to explore a sale.
UK commercial real estate owner/operator Redical has announced a key appointment and promotion to its senior leadership team “reflecting the company’s continued success and ambition for future growth”.
Stephen Daniels
Stephen Daniels, formerly vice-president of Asset Management at Jamestown Europe and head of Leasing at rival Hammerson, has joined Redical as head of Asset Management and Regeneration.
Daniels will spearhead the asset team across the evolving portfolio, “driving business plan execution and investment performance with a core focus on The Liberty Romford’s regeneration”, Redical said.
Daniels said of his new employer: “While a relatively young company, Redical has unquestionably demonstrated to the industry it is a serious player and one which sits proudly among the leading corporations out there. However, it is Redical’s ambition, entrepreneurial spirit, unqiue approach and commitment to invest in technology which sets it apart from the rest and really excites me.”
Meanwhile Rachel Bradburn, previously leasing director at Victoria Leeds, has been promoted to head of leasing, acting across the growing portfolio. Working closely with Daniels and heading Redical’s leasing team, Bradburn will be responsible for leading portfolio-wide leasing strategies, while maintaining a core focus on Victoria Leeds.
Rachel Bradburn
In addition, The Liberty Romford’s Dan Tucker has moved from Asset manager to Leasing manager, “helping to unlock the full potential of the destination and drive leasing performance” under Bradburn’s leadership. Annabel Anderson also joins the Redical team as Leasing administrator, “managing transaction pipelines and maximising deal efficiencies as the business grows”.
Comprised of three core assets: Victoria Leeds, The Liberty Romford, and Clayton Square Liverpool in a portfolio totalling almost 1.2 million sq ft, “Redical’s vision of fulfilling unrealised potential for its assets has built strong market momentum since its conception in 2020, as it demonstrates it’s transformative approach, industry differentiation and appetite for growth”, the business said.
Mikko Syrjanen, co-founder of Redical, added: “Redical’s growth is shaped by our people, and we remain committed to strengthening our team with the right talent and leadership. These new additions, together with a series of well-deserved promotions help in positioning Redical to unlock new opportunities and build on our existing momentum as we enter an exciting next stage of growth.”
New York-based fine jeweller Marla Aaron has opening her first physical UK retail destination with a permanent shop-in-shop at high-end London department store Liberty.
The dedicated space within Liberty’s ground floor jewellery hall “brings the spirit of the NYC maximalist Diamond District showroom”, featuring an expanded selection of jewellery, exclusive pieces and objects, “all designed to welcome visitors to play”.
The brand’s arrival will include a charity angle, supported by Liberty. Aaron’s ‘Lock Your Mom’ project, which has run for over a decade in the States, offering single mums the chance to be nominated to receive a special heart lock over Mother’s Day “to recognise them for their amazing work”.
This will be the first time Aaron has run the initiative outside of the US, and Liberty will hold an in-store event hosted by the designer on Mother’s Day (30 March) giving out 100 locks on the day.
Marla Aaron, which “takes a functional maximalism approach to fine jewellery”, launched in 2012 with the recasting of the carabiner Lock into precious metals “quickly expanded into a universe of mechanism-inspired ‘hard-working’ fine jewellery” made by hand in small artisanal workshops in New York City.
River Island has appointed a returning Suzy Slavid as trading managing director, following Ben Lewis’s recent appointment of CEO for the privately-held UK fashion retailer.
Slavid was most recently CEO of Wyse London for two years, joining the premium womenswear brand in January 2023 but originally spent over 13 years at River Island (1999-2012) latterly as merchandise manager for kidswear and womenswear. She then joined women’s, men’s and kidswear group Boden in 2012 as director of merchandising and marketing before becoming its chief trading officer in 2019.
Her return, which was reported by Drapers, follows this month’s announcement that Ben Lewis, related to founder and business owner Bernard Lewis, will also return to the position of CEO. He was previously chief executive for almost a decade until 2019.
At the same time, executive chair Richard Bradbury announced he was stepping down from his role due to personal circumstances, the business said in a statement.
Meanwhile, Clive Lewis, son of Bernard Lewis, will also take on his previous role as non-executive chair, with immediate effect.
After swinging to a loss in 2023, River Island reportedly last month drafted in consultants from AlixPartners to focus on profit improvement with the latest managerial rejig expected to focus on the brand’s sustained revival.