Former Mothercare boss Greg Tufnell has led a management buy-in of menswear brand Peter Werth, in a deal thought to total more than £10 million.
Today’s Daily Telegraph reports that the brother of former England cricketer Phil Tufnell has bought Springrealm, the company behind Peter Werth, with asset management company Electra Quoted Management.
Peter Werth sells smart casual clothing through retailers including House of Fraser and Littlewoods.
Greg Tufnell, who has previously held senior management positions at Next, Marchpole and The Burton Group, is the new majority shareholder in the company and plans to expand the brand into lifestyle products and open retail stores.
“I am very excited about the future of Peter Werth,” Tufnell told the newspaper. “We believe that there is the potential to create a bigger business and this deal will help to accelerate the existing growth of the Peter Werth brand.”
Peter Werth, who launched the brand in the mid-1970s, will not be involved in the day-to-day running of the business after the deal, but will provide consultancy services.
Tufnell and Electra were backed by Clydesdale Bank – a division of National Australia Bank Group.
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