Mike Ashley’s Frasers Group has acquired the stores and online business of fashion retailer Psyche for an undisclosed sum.
Psyche owner Steve Cochrane, who has run the business for the past 38 years and will continue as CEO following the takeover, said the deal would secure the future of his company and its 58 workers.
“After 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 UK retailers to continue employing our talented staff and serve our loyal customers,” Cochrane said.
“Merging with Frasers Group will allow us to grow and expand. It will give us economies of scale and efficiencies by being part of a large plc.”
For the six months to 25 October, Frasers Group, which also owns Sports Direct, House of Fraser, and Flannels, reported a 7.4 percent drop in group revenue to 1.89 billion pounds. In the same period, pre-tax profit increased 17.6 percent to 106.1 million pounds.
The group, which has built its empire on snapping up other companies, is also thought to be in the race for collapsed retail empire Arcadia.