Steve Cochrane has confirmed that he has sold his Middlesbrough-headquartered designer clothes store to Mike Ashley’s Frasers Group following unprecedented “uncertainty” around the Covid pandemic and resulting restrictions.
Psyche, whose headquarters store is based on Linthorpe Road, has been sold to Frasers Group, which owns House of Fraser, Sports Direct and Flannels.”
The value of the deal, which included the 40,000 sq ft Psyche building, has not been disclosed.
Awarded an MBE two years ago, Steve has owned the business for 38 years and will continue to run it after the takeover.
He opened his first store – Sliced Tomatoes, in Redcar in 1982 before opening Psyche two years later. It was crowed UK Designer Retailer of the Year in 1995.
“I am pleased to confirm that the Frasers Group has acquired the Psyche business,” he said.
“After 38 years as an independent fashion retailer we have never seen such uncertainty surrounding the pandemic with local lock downs.
“It is great to have the security and backing of one of the strongest UK retailers to continue to employing our talented staff and serve our loyal customers.”
He added: “Cyril Williams acted on behalf of the Frasers Group to acquire the business in a simple and straight forward manner, in record time.
“I look forward to working with my new colleagues to develop and build on the great business we have built over the past 38 years.”