Thu, 24 Apr 2014 | MBO/MBI
The management team of school uniform supplier John Cheatle Ltd and John Cheatle (Midlands) Ltd has purchased the business out of administration.
The move has secured the jobs of 80 people, with the purchase of 27 outlets – these are 12 branches and 15 in-school shops.
Reward Capital backed the buy-out by the MBO team, operating as Newplan Solutions, after the administrators had come in to the business.
John Cheatle has its head office in Leicester and also has a strong presence in Yorkshire. The company operates under the Rawcliffes brand name, its high street shops in Bradford, Leeds and Doncaster are among those being retained.
Martin Heatlie, director at Newplan Solutions, said: “This deal secures the future of the business and enables it to continue to provide schools, parents and pupils with top quality school uniforms.”
A family-owned and operated business, John Cheatle was established in 1937 in Leicester, and grew into a large independent schoolwear supplier.
A note on the website says it has a turnover of £15 million with a workforce of over 500 people. It is not clear what the situation was prior to the business entering administration or how the remaining staff have been affected.
Dave Jones at Reward Capital said: “This deal marks an exciting new chapter for Newplan Solutions and Reward is looking forward to working with the management team to help the business prosper.”
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