Endless teams up again to run TJ Hughes

endless, the Leeds-based turnaround investor, has agreed another joint venture deal with retail entrepreneur Anthony Solomon – this time to run Britain’s biggest discount department store chain.

Mr Solomon will join TJ Hughes as executive chairman and takes a “significant stake” in the £300m turnover business, which is headquartered in Liverpool.

He co-invested in earlier Endless deals to buy discount book chain The Works Stores in 2008 and value retailer JTF in 2009. Both are now profitable.

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TJ Hughes will be 100 years old next year and has 57 stores with 4,000 staff. It sells homewares, soft furnishings, beauty products, lingerie, toys and electrical goods.

Endless bought the business for an undisclosed sum last month from Silverfleet Capital, the European private equity firm, which acquired it for £70 m in 2003. Endless agreed the deal with Mr Solomon to come in, it was announced yesterday.

Darren Forshaw, a partner at Endless, said the immediate priority is to fix the business. Later, the management team will hopefully look at more stores, he added.

Mr Solomon’s previous investments include The Original Factory Shop, bought from Keighley-based Peter Black and sold for £40m in 2004. His long-standing business partner, David Luper, will join the TJ Hughes board with responsibility for the buying department.

Endless has been bearish on the prospects for the UK economy. Mr Forshaw said: “I expect it to continue to be tough for the next couple of months.”

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