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Truworths in R5.5bn UK buy

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Office is one of the Office Retail Group's stores. (Photo: Office)
Office is one of the Office Retail Group's stores. (Photo: Office)

Cape Town – Truworths [JSE:TRU] has joined other South African retailers by investing in European companies after it announced on Monday that it is acquiring 88.9% of UK-based Office Retail Group for R5.5bn.

Truworths will make the acquisition via its United Kingdom subsidiary Shoo 615, and the Office management team will retain a 11.1% stake in the company.

“The acquisition marks the entry of Truworths into the northern hemisphere markets,” the company said in a statement on Monday.

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