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New jobs promise as Chinese firm buys 50 per cent stake in historic Yorkshire menswear firm Greenwoods
CHINESE clothing firm Bosideng International Ltd has agreed to buy a 50 per cent stake in historic West Yorkshire outfitter Greenwoods Menswear and has announced plans to invest in 100 new stores.
Greenwoods is owned by Hanson Partners and the transaction is expected to take place on or before April 6, 2009.
A statement said Bosideng had also agreed with Hanson Partners that over a five year period it would "invest sufficient funds in Greenwoods Menswear to cover the opening of 100 new Bosideng shops in the UK".
The new stores are planned to open predominantly in the South, with the first 20 opening by August, 2009.
The statement said the total capital expenditure on refurbishment for 100 shops would amount to more than 25m, and would create 600 jobs.
Bosideng's chairman, Mr Gao Dekang, explained: "Bosideng International has, for the last two years, wanted to expand its overseas sales..and believe that this co-operation with Hanson Partners' subsidiary company, Greenwoods Menswear, will be extremely successful."
John Hanson, chairman of Hanson Partners, added: "I have known the Gao family for over five years and believe that they are an outstanding partner to help our group expansion.
"Their product quality is excellent, development of new product is coming on strongly and the calibre of their staff and commitment to this project are second to none."
Bosideng currently has over 8,000 stores with a turnover of around 2.2bn. The employer of approximately 19,000 staff raised 250m on the Hong Kong stock exchange for international expansion in 2007.
Profits at Greenwoods Menswear tumbled last year following tough conditions within the retail sector.
The 147-year-old firm, which has its head office in Greengates, Bradford, announced pre-tax profits of 22,000 – down on the previous year's figure of 68,000.
Greenwoods started life in 1860 as a tiny hatter's shop in Bradford which specialised in reshaping the hats of prosperous Bradford businessmen.
At one point Greenwoods had around 200 stores across the country – a number which dropped dramatically during the 1990s before it was acquired by Hanson Partners in 1996.
Earlier this year Greenwoods Menswear's head office moved into Europe's first motoring themed conference centre – Speedmaster, launched by Hanson Partners.
The 20,000 sq ft conference and training centre will be used for a variety of purposes by businesses throughout the north of England.
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