It’s official – TFG London is new owner of White Stuff

TFG London, the owner of the Hobbs, Whistles and Phase Eight brands, has acquired White Stuff in a deal that “builds on the success of White Stuff in recent years, and will support the business’ plans to increase its store and concession estate and drive further brand awareness and growth”.

The news isn’t unexpected with stories earlier this week that an agreement was imminent.

The almost-40-year-old brand specialises in clothing and accessories for women, men and kids in sustainable fabrics and fits in well with TFG’s portfolio of midmarket-to-premium brands. 

In the year to 30 April, White Stuff recorded record revenue of £154.8 million and EBITDA of £8.6 million. That revenue came from its 113 stores and 46 concessions in the UK (including in John Lewis and M&S), plus its growing international business including six stores and 25 concessions across Europe, and 606 international wholesale stockists. 

The company’s senior leadership team, led by CEO Jo Jenkins, will continue in their roles but founders George Treves and Sean Thomas, who were sole owners of the business, will step down from the board and leave the business.

TFG London said the acquisition — the price of which wasn’t disclosed — “is a significant milestone” in its medium-term strategy to add new brands into the group and it marks the fourth transaction, having first acquired Phase Eight in 2015, followed by the later acquisitions of Whistles and Hobbs. 

The acquisition will be funded from the group’s recently refinanced debt facility.

Justin Hampshire, CEO of TFG London, said: “We have long admired the White Stuff brand which is synonymous with unique detail and exceptional quality. The addition of White Stuff to TFG London diversifies and strengthens our existing womenswear portfolio, adding the first lifestyle brand while also bringing a well-established menswear offer and its loyal and resilient customer base.

“With White Stuff’s strong presence on the high street and significant potential for sustained growth, we are committed to supporting Jo and her talented team with their ambitious rollout strategy to further increase its store and concession estate. Simultaneously, TFG London will continue to invest in the White Stuff brand and online offer to drive further awareness and growth.”

And Jenkins said that “TFG London is the ideal owner for our business. They value our brand, have a wealth of premium retail experience, and will be excellent long-term owners to support White Stuff’s next phase of growth”.