LONDON (Brand Republic) – Julian Richer, founder of the Richer Sounds hi-fi chain, has bought a 2% stake in baby-care retailer Mothercare, formerly known as Storehouse.
The move means Richer is the largest shareholder in Mothercare. The group changed its name after it sold its BHS chain to entrepreneur Philip Green for £224m earlier this year. Mothercare closed 82 stores and moved into loss in September. It now wants to focus on providing destination stores for a larger range of parenting products.
Richer teamed up with three other investors, including former Asda chairman Archie Norman, to form Knutsford, which was rumoured to be bidding for Marks & Spencer. The company eventually merged with financial information company Wlink.com in a £55m deal.