Sports Direct owner saves 58 jobs with acquisition of Middlesbrough fashion retailer
A North East fashion retailer has been snapped up by a national chain operator following difficulties caused by the pandemic.
Psyche, based in Middlesbrough, was supported by accountancy firm Clive Owen as it was acquired by retail giant Frasers Group, which owns Sports Direct and House of Fraser.
The acquisition has saved 58 jobs at the company, as the uncertainties caused by Brexit and coronavirus took their toll.
Clive Owen Corporate Finance completed the deal in record time, working with long-standing client Steve Cochrane, owner of Psyche.
Steve Cochrane, CEO of Psyche, commented: “This has allowed me to focus on running the business and Chris [Beaumont] has ensured I was in a great position to accept this offer for the business by having everything prepared so the due diligence could be completed very quickly.”
Angus Allan, corporate finance partner at Clive Owen LLP, said: “The deal was straightforward and conducted at pace.
“It has secured the future of 58 staff who work at the Middlesbrough shop and on its online operations.
“It will be interesting to see how the business develops over the coming years with Steve at the helm.”
Looking to promote your product/service to SME businesses in your region? Find out how Bdaily can help →
Enjoy the read? Get Bdaily delivered.
Sign up to receive our popular North East morning email for free.