// Fashion retailer Psyche has been bought by Mike Ashley’s Frasers Group in undisclosed deal
// Frasers Group has bought out the retailer’s stores as well as its online operations
Mike Ashley’s Frasers Group has acquired fashion retailer Psyche after a buyout deal was agreed.
Frasers Group, which owns Sports Direct, House of Fraser, and Flannels, has bought out the retailer’s stores as well as its online operations.
Psyche owner Steve Cochrane, who has owned the business for around 38 years, will continue to run it after the takeover.
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Cochrane said the deal would secure the future of the store, as well as its online operations and its 58 workers by joining Frasers Group.
“After 38 years as an independent fashion retailer we have never seen such uncertainty surrounding the pandemic with local lockdowns, it is great to have the security and backing of one of the strongest UK retailers to continue employing our talented staff and serve our loyal customers,” he said.
“Merging with Frasers Group will allow us to grow and expand. It will give us economies of scale and efficiencies by being part of a large plc.”
The value of the deal, which includes the Linthorpe Road building which was formerly Uptons, has not been disclosed.
It has already seen the company’s registered address change from Middlesbrough to Frasers’ headquarters in Shirebrook.
Psyche’s 40,000sq ft luxury fashion boutique in Middlesbrough hosts more than 200 high-end brands for men, women and children although is currently closed due the Tier 4 restrictions.
“I look forward to working with my new colleagues to develop and build on the great business we have built over the past 38 years,” Cochrane said.