Camp Hopson, an independent retailer operating in Newbury for the last 93 years, has been sold to a London department store chain.
The family-run business will join seven other independent department stores under the Morleys Stores name, including Elys in Wimbledon and Pearsons in Enfield.
Morleys Chairman Bernard Dreesmann has revealed that up to £3m is to be spent on revamping the store as part of the acquisition, which is expected to push group sales beyond the £100m mark.
Managing director David Hordle, who joined Morley from Boots in August, commented: “Bernard assured me when I joined that we would actively look to acquire new businesses, but I didn’t realise it would be so soon. Naturally the whole business is very excited about this acquisition/opportunity. The long-established expertise of both businesses will help to drive the store’s success going forward.”
Morleys Group was established in 1927 and in the year ending January 2014 its sales were £90.6m with a pre-tax profit of £7.1m.
In the first nine months trading of this year like for like sales were up 6%, according to the company.
Camp Hopson CEO Jonathan Hopson said of the acquisition: “Camp Hopson always sought to provide the best possible service to the people of Newbury. The Department Store and furniture store will benefit hugely from being part of a bigger independent Department store group given the skills, expertise and buying power they bring.
“We’re delighted that Morleys Group will keep the Camp Hopson name, retain our existing staff and make a substantial new investment in the business. We couldn’t have found a better buyer to take these businesses on the next stage of their 90 year journey. “