East wins £4m to revive expansion plan

East will unveil a more feminine format at Princesshay in Exeter next week and plans to roll out the model across its portfolio. It will also begin a brand awareness offensive next year.

The investment is the first indication of renewed confidence at East, which was stung by the departure of former Marks & Spencer creative director Yasmin Yusuf in November 2005.

Yusuf was brought on board to oversee plans to double East’s store numbers. A downturn in trading followed her departure, after which a consortium of backers, including the three founders and non-executive chairman Luke Johnson, bought the business. Johnson’s Risk Capital Partners, which also owns Borders, took a 50 per cent stake in the retailer.

East chief executive Andrew Webb declined to comment on the investment, which is understood to have included a£3 million injection last year, followed by£1 million this year.

He said there were “clear opportunities” to expand its 50-strong standalone and 16 concession portfolio, but did not provide figures.

East opened an outlet store in Cheshire Oaks this week and will unveil a market-town format at Ringwood in Hampshire in January.

It also hopes to open further concessions in John Lewis stores, where it has 12 at present.

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