White Stuff sold to TFG as founders exit

Announced this afternoon (25 October), the acquisition will see White Stuff co-founders George Treves and Sean Thomas step down from the board and leave the business.

White Stuff CEO Jo Jenkins will remain at the helm of the 39-year-old business, with no redundancies expected at this time, TFG London confirmed.

Jenkins, who joined White Stuff as CEO in 2018, said TFG London is “the ideal owner for [the] business”, and will be “excellent long-term owners to support White Stuff’s next phase of growth”.

“There is so much opportunity for us as a business and I feel very positive as we start our next chapter,” she added.

Founded in 1985, White Stuff has 113 stores and 46 concessions in the UK, including in John Lewis and Marks & Spencer, with plans for further physical retail expansion under new ownership.

Outside of the UK, the business operates six stores and 25 concessions across Europe. It also trades online through its international DTC website, complementing its wholesale portfolio of 606 stockists, including 178 in the UK and Ireland and a further 428 internationally.

In the year to 30 April 2024, the business reported a record revenue of £154.8m and EBITDA of £8.6m. Over 85% of revenue was generated from the store estate and online, with the remainder generated from its international and wholesale operations.

TFG London CEO Justin Hampshire said: “With White Stuff’s strong presence on the high street and significant potential for sustained growth, we are committed to supporting Jo and her talented team with their ambitious roll out strategy to further increase its store and concession estate.

“Simultaneously, TFG London will continue to invest in the White Stuff brand and online offer, to drive further awareness and growth.

“We are excited to be the next custodian of this important British brand which would not be where it is today without the dedication of its founders, George and Sean. We would like to thank them for building such a great business and wish them well in their future endeavours.”

Commenting on his Thomas's departure, Treves said: “We have spent over 40 years building [White Stuff] from the ground up. We have achieved more than we ever dreamed possible, thanks to the incredible dedication of our team, the support of our customers, and the commitment of our suppliers.

“While this decision was not an easy one, we believe it’s the right next step for White Stuff and know that TFG are committed to providing White Stuff with new opportunities for growth.”