Frasers is understood to have acquired indie retailer Thackerays

Frasers Group is on a quest to grow its British retail empire. Now, the Mike Ashley-run business is understood to have acquired indie retailer Thackerays.

Independent fashion retailer Thackerays was founded in 1972 by Brian and Eileen Richards. Ever since, it has operated on Wellingborough Road, Northampton and now has an e-commerce channel. Latterly it has been run by Brian and Eileen's son Paul Richards.

The company claims "its success hasn't come by chance, but by keeping to the formula laid out by its founders". Its offering is premium, yet of value, with brands including Free People, Ganni, Birkenstock and more.

Frasers Group, which owns the Flannels chain of super boutiques (main image), has been hoovering up independent multi-brand retailers in recent years. Among its most recent acquisitions are Zee & Co, a small chain of boutiques in London and Essex, and menswear retailer John Anthony. Another recent buy was Sunderland's Aphrodite.

These followed the acquisition in December 2022 of 14 retail, online and wholesale businesses, including another 50 to 60 fashion-focused stores, in a £47.5 million deal with its former arch-rival JD Sports. Names such as Tessuti, Scotts and Cricket formed part of the deal. In March 2023, it also acquired Philip Browne, the well-regarded Norwich-based menswear independent, from JD.

In December 2023, the group then acquired luxury multi-brand retailer Matches for £52 million from private equity company Apax Partners, but just 11 weeks later it was placed into administration. Matches continues to trade online and from its London stores but its long-term future is uncertain as a new buyer is sought.

The news comes after Frasers Group reported a "strong trading performance" for the year ending 28 April 2024 earlier this week.

Reported pre-tax profits reached £507 million, falling from £638 million year-on-year. However, adjusted pre-tax profits were up by 13% from £481.8 million to £544.8 million. This aligned with the group’s expectations of profits sitting between £500-£550 million.

Neither Frasers nor Thackerays has confirmed the deal but industry sources approached TheIndustry.fashion with the news.