Discount department store group TJ Hughes has been sold to its management by private equity firm Silverfleet Capital.
Private equity house Endless, which specialises in business turnarounds, is backing the deal, although the price and internal rate of return are undisclosed.
Silverfleet bought Liverpool-based TJ Hughes in 2003 and has helped the company grow from 37 to 57 stores over the last eight years.
Gareth Whiley, Partner of Silverfleet and up until now a member of the TJ Hughes board, said: “TJ Hughes has in place an excellent management team and it has been a pleasure working with them.
“We wish them, and Endless every success in this next phase.”
Prior to her appointment she was CEO of Netherlands-based company Etam Group and has previously been Commercial Director of Woolworths Group.
Commenting at the time, Chairman of TJ Hughes Neil McCausland said: “We are pleased to have attracted someone of Beatrice’s calibre to spearhead the next phase of TJ Hughes’ strategic development.”
TJ Hughes currently employs over 4,000 members of staff.