Blue Max, a school-wear importer has officially announced that, it has acquired the Stockport based Banner Group, which was its tough contender.
The price paid by Trowbridge-based, Blue Max to owner, Ian Powell, for acquiring his private owned company, Tangram Ventures Ltd, was not disclosed. Powell had acquired the company from Cosalt group for £4.5 million in 2008.
Reddish-based, Banner Group is a 150-year old firm. The group, which sources individual retailers also possesses, school-wear brands such as Distinctive and Beau, kids-wear brands such as Little Darlings, COCO and Abella and also men's-wear collection, Pegasus and David Johns.
Blue Max claims that, with this acquisition the group will experience a two-fold growth reaching about £25 million, thereby, turning in to a key player in UK's school-wear market.
Clitheroe-based Trutex, with sales of £17 million, was acquired in March, for £4.75 million by a turnaround fund management company, Endless. The sector's other key player is Dunstable-based, Fielding Group.
A speaker for Blue Max informed that, the acquisition would not abruptly affect the jobs at Banner. The group over the period of last four years, by acquiring Stag, a school-wear supplier, has established a new warehouse operation, which is capable of encompassing over five million garment units.
ALCHEMPro News Desk - India
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