Mike Ashley鈥檚 retail empire Frasers Group has swooped for a prime fashion retailer on Teesside.
The Newcastle United owner and serial entrepreneur has snapped up Middlesbrough designer clothes firm Psyche in an undisclosed deal, several years after its owner initially turned down a buyout offer.
Psyche owner Steve Cochrane, who has owned the company for 38 years, will remain with the company following the deal, saying it secures the future of the bricks and mortar store, the online operation and the 58 employees.
He said: 鈥淎fter 38 years as an independent fashion retailer we have never seen such uncertainty surrounding the pandemic with local lockdowns, it is great to have the security and backing of one of the strongest 海角视频 retailers to continue employing our talented staff and serve our loyal customers.
鈥淢erging with Frasers Group will allow us to grow and expand.
鈥淚t will give us economies of scale and efficiencies by being part of a large plc.鈥
The deal includes Psyche鈥檚 40,000 sq ft luxury fashion boutique in Middlesbrough, which sells more than 200 high-end brands for men, women and children, and is currently closed due the Tier 4 restrictions.
It moved to the building from its previous premises, also on Linthorpe Road, as part of expansion plans in 2003.
In 1995 Psyche won 海角视频 Designer Retailer of the Year ahead of Selfridges on Oxford Street and Mr Cochrane, said he had first been approached with a potential sale offer in 2017.
He turned that offer down - but was contacted again recently by Frasers Group founder Mr Ashley.
The entrepreneur had visited four years ago during a trip to see his Flannels store in Middlesbrough.
Mr Cochrane added: 鈥淲hen Mike came three years ago he said it was the best store he had seen outside of London.
鈥淭hey have been really great to deal with. Lots of the high street is on the verge of failing but this deal makes sure that Psyche is now part of something larger and more secure.
