More than a third of TFG’s revenue will come from outside Africa in the next financial year after the group integrates the Hobbs clothing retail business in the UK, says chief financial officer Anthony Thünstrom. TFG said on Tuesday it had agreed to buy the contemporary British womenswear brand from private equity firm 3i Group for an undisclosed sum. Earlier in 2017, media reports suggested 3i wanted £80m for Hobbs, though TFG ultimately paid far less than that amount, Thünstrom said. "There was a competitive process, but we got it at an extremely good price — part of the reason for which is that the other bidders were all private equity firms and the management team was exceptionally keen for a trade buyer," he said. Lentus Asset Management portfolio manager Nic Norman-Smith said "the environment for acquisitions in the UK is probably quite a good one" since retail sales were under pressure and uncertainty surrounded Brexit negotiations. Thünstrom said that based on "high-level" e...
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