Investment firm True Capital Limited has secured British apparel group Apparel Brands Limited (ABL). On Wednesday, the finance company announced a “strategic investment” in the parent company of clothing brand Bench, which is also a licensing partner to labels including Ed Hardy, Nice, Farah and Seafolly.
As the British online trade magazine Business Live first reported, the investment was a takeover. In fact, according to a statement by Companies House, UK, published last week, Garm Bidco Ltd has acquired a controlling stake of at least 75 percent in ABL. The company’s managing director is Ejike Onuchukwu, one of True’s managers.
At the same time, ABL’s previous owner, Baker Street Holdings Limited, lost “substantial control” of ABL, according to a further announcement by Companies House. In addition, Amarjit Singh Grewal, Baker Street’s sole director, left the clothing company’s board of directors.
True now wants to drive the expansion of ABL
True now plans to drive ABL’s growth and expansion both domestically and internationally. According to a statement, the new owner will provide “the necessary resources, knowledge and strategic guidelines” to further expand the business activities by acquiring additional trademark rights, expanding sales channels and entering additional product categories.
Peter Wood, the founder and CEO of ABL, has high hopes for the partnership with the new investor. “I am very excited to be working with True,” he said in a statement. “Her in-depth understanding of brands and the consumer and retail marketplace, as well as her vast experience in nurturing and scaling successful businesses, will be invaluable in our next phase of growth.”