Camp Hopson joins the Morleys chain
Morleys has expanded its chain of independent department stores across the South East with the takeover of family-owned Camp Hopson in Newbury.
Camp Hopson joins seven other independently branded department stores under the Morleys name, including Elys in Wimbledon, Pearsons in Enfield and Morleys of Bicester.
Founded in 1921, the Camp Hopson brand is the product of five generations and more than 90 years of business.
Morleys executive chairman Bernard Dreesmann has revealed that up to £3m will be spent on bringing the newly acquired store up to the standard of Elys in Wimbledon.
In the year ended January 2014, Morleys' sales were £90.6m with a pre-tax profit of £7.1m. In the first nine months trading of the current year, group like-for-like sales are up 6 per cent.
The acquisition of Camp Hopson will push group sales beyond the £100m mark.
Camp Hopson chief executive Jonathan Hopson said: "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."
Morleys managing director David Hordle added: "The long-established expertise of both businesses will help to drive the store's success going forward."