Private equity group Apollo has taken control of End Clothing

The deal and recapitalisation brings down End Clothing’s debt and positions it for future growth, according to Drapers.

This ownership change came three years after Carlyle Group bought a controlling interest in End Clothing in a deal valued at £750m. 

Carlyle Group and End’s co-founders, Christiaan Ashworth and John Douglas Parker, have now ended their links with the retailer.

End Clothing chief executive Parker Gundersen said the deal would enable the retailer to significantly reduce its debt. He said: “This transaction will result in a strengthened balance sheet and improved cash flow, propelling us towards our next stage of evolution as a brand.” 

Gundersen said End would now focus on investing in staff and executing business plans.

In the year to March 31, 2023. End Clothing’s sales edged up to £221.1m from £219m, but EBITDA before exceptionals slid 30.8% to £28.1m. Investment in a new stock management system brought EBITDA down to £13m.