END Clothing acquired by investors in move said to have reduced debts and positioned it for success

High end clothing retailer END has been acquired by another firm of US investors in its second sale in only three years - a move which is said to have reduced debt.

The North East-based business, which started in 2005, has built up turnover of more than £221m thanks to global online sales of luxury 'streetwear'. Now, New York-based private equity firm Apollo Global Management has taken a controlling stake in the firm, having been involved in the Carlyle Group's multimillion-pound purchase of the retailer in 2021.

It marks the exit of the business' founders, Christiaan Ashworth and John Parker, who had retained a significant minority stake in the business following the Carlyle Group deal. Now, one of the companies within END's international ownership structure is set to be liquidated.

END told BusinessLive the undisclosed deal with Apollo had deleveraged its balance sheet. Documents show the business had been forecast to pay interest of nearly £27m this year on a £150m lending facility.

A spokesperson said: "END is well-poised to navigate the current market environment, to execute our strategic business plans and ensure the company remains positioned for sustained success. As we approach our 20th anniversary, we remain confident in the long-term opportunity for END. and our differentiated position at the intersection of luxury, streetwear, and contemporary markets."

The firm further told trade media the move would allow it to reinvest in its more than 900 staff.

Most recent 2023 accounts for the main trading company of END - Ashworth and Parker Limited - show its profits plummeted by almost £30m despite a rise in turnover. It came during a year in which the business faced significant issues with a new stock system that impacted both its own operations and customers' ordering experiences over a number of months.

The issues had caused it to slow down marketing and promotional work in a bid to ease website traffic. Fulfilment staff were brought in to manage backlogs until operations recovered. It had also endured the withdrawal of franchises from some brands and was reimbursed for residual stock for the franchises.

Despite the headwinds, END opened its first overseas store in Milan, in February 2023, which it described as a solid foundation for future international growth. The brand has other stores in Newcastle, Manchester, Glasgow and London with its sales split almost evenly between the UK and globally.