High-end clothing retailer End acquired by private equity giant Carlyle in £ 750million deal

High-end clothing retailer End acquired by private equity giant Carlyle in £ 750million deal










High-end clothing retailer End has been acquired by private equity giant Carlyle Group for around £ 750million.

End, which specializes in ‘streetwear’ such as designer sneakers and jeans, was founded in Newcastle in 2005 by college friends Christiaan Ashworth, 38, and John Parker, 39.

The couple, who have invested £ 20,000 each, will join the ranks of the super-rich after selling most of their controlling stake to Carlyle.

End, which specializes in ‘streetwear’ such as designer sneakers and jeans, was founded in Newcastle in 2005 by college friends Christiaan Ashworth, 38, and John Parker, 39.

End didn’t say how many deals Ashworth and Parker were unloading, but at around £ 750million they will likely have made several hundred million each.

The couple will retain a “significant minority stake” and will be co-managing directors.

Carlyle boss Massimiliano Caraffa said: “We are drawn to End’s distinctive style, which mixes luxury and contemporary brands with the best of sneakers and athletic wear.”

End, which sells brands from Adidas to Gucci, has three stores – in Newcastle, London and Glasgow.

But his biggest source of income is his website, because Ashworth, with his degree in economics, and Parker, with his degree in computer science, realized the power of e-commerce.

In the year to March 2020, End achieved turnover of £ 170.5million and profit of £ 31.8million, up 16.9% from 12 previous months.


Source link

Anne G. Cash

Leave a Reply

Your email address will not be published. Required fields are marked *