A RETAIL venture company has bought North-East home decor chain Leveys.
Strategic Retail, of Manchester, was founded to buy home decor retailer Fads, in December last year. It has now acquired the 18-store Leveys chain, based in Whitley Bay, North Tyneside.
Leveys, which has a turnover of £7.25m a year, will become a subsidiary of Strategic Retail, and will trade under the name of Leveys by Fads.
Ian Currie, chairman of AIM-listed Strategic Retail, said the acquisition filled a geographic gap in the Fads portfolio and would lead to increased margins for both chains.
He said: "This is a key acquisition for us. Fads had no outlets in the North-East and this acquisition has added 54,000sq ft of retail space."
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