River Island family takes full control of Mint Velvet
The family behind River Island has taken full control of premium women's fashion group River Island in a move that is said to value the business at around £100m.
The Lewis Trust Group first invested in Mint Velvet in 2015 (the business was founded in 2012) and has now taken full control. The brand's founders Peter Davies, Liz Houghton and Lisa Agar-Rea will share a payout as a result of the deal; Houghton and Agar-Rea will remain at the helm of the business.
Davies, who made his first fashion fortune with the Principles and Warehouse brands, will remain a non-executive director.
Accounts for Mint Velvet's parent Sabre Retail Fashion, show sales of just over £100m in the year to April 2018 with an adjusted EBITDA of £17.3m and operating profit of £13.9m.
At the time the business operated from 165 locations, including 40 standalone stores, 116 concessions, three franchises and six websites.