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mandmdirect.com bought out
In another high-profile buyout, mandmdirect.com has been acquired by TA Associates, a growth private equity and buyout firm, headed by former Tesco CEO Steve Robinson.
Former CEO Mike Tomkins will stay on as a non-executive director of the Leominster-based discount fashion and sportswear retailer, in order to 'manage key relationships' and to lead 'various operational and strategic initiatives'.
Though the terms of the deal have not yet been disclosed, mandmdirect.com's senior team are believed to be staying on as changes to the company take place.
mandmdirect.com is a major employer in the Leominster area, and job losses would be a major blow for the local economy, though nothing has yet been announced; indeed, Tomkins suggests that the move safeguards jobs for local people in the future. He said: “This is an excellent step for mandmdirect.com. We’re delighted to join with a reputable private equity firm like TA Associates – their expertise in helping companies such as ours accelerate our growth will be invaluable to our future. With Steve Robinson coming on board, they are providing the very best talent, retail experience and business thinking to take the business to the next level. It also provides a long-term commitment to the company and the Leominster area.
“We’ve consciously developed the mandmdirect.com brand throughout the last three years, clearly seeing the potential of the internet as a viable and profitable sales channel. We expect this to continue and are excited about the possibilities for the company in the future.”
Incoming CEO Steve Robinson added: “I am delighted to join a business with such a strong momentum. Mike and the team have developed a well-recognised brand known for delivering quality products at great value. The essential day-to-day running of the business will continue as normal, and I look forward to building on the achievements of Mike and the team through further investment in the company.”
