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US firm to take over Republic business properties
UK business properties operating under the Republic brand have been purchased in a deal with US firm TPG, it has emerged.
The agreement between the British fashion retailer and the American company - formerly known as Texas Pacific Group - is thought to be worth approximately £300 million.
A number of commercial properties will be opened under the new ownership and online developments are also planned.
Change Capital Partners first acquired a stake in Republic in 2005 and has opened 27 new stores since the purchase.
Tim Whitworth, chief executive officer of the firm, said: "Republic is a tremendously successful fashion retailer occupying a truly unique multi-brand position in the market."
He stated the team are looking forward to working with TPG and "continuing the evolution" of the brand.
Some 500 new jobs will be created this year, with ten new stores due to open in the near future.
Posted by James Collins
The agreement between the British fashion retailer and the American company - formerly known as Texas Pacific Group - is thought to be worth approximately £300 million.
A number of commercial properties will be opened under the new ownership and online developments are also planned.
Change Capital Partners first acquired a stake in Republic in 2005 and has opened 27 new stores since the purchase.
Tim Whitworth, chief executive officer of the firm, said: "Republic is a tremendously successful fashion retailer occupying a truly unique multi-brand position in the market."
He stated the team are looking forward to working with TPG and "continuing the evolution" of the brand.
Some 500 new jobs will be created this year, with ten new stores due to open in the near future.
Posted by James Collins
Tue, 22nd Jun 2010