Local accountants support sale of fashion retailer Psyche – in record time

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A team of local accountants help former Psyche owner Steve Cochrane sell his beloved brand to Mike Ashley in record time.

Clive Owen LLP, the regional firm of chartered accountants and business advisers with offices in Darlington, Durham and York, provided professional accountancy and tax support to Mr Cochrane in his recent sale of Psyche to Frasers Group.

Clive Owen Corporate Finance worked on the deal with their long-standing, ensuring it was completed in ‘record time’. The firm also provided tax advice prior to the completion of the deal.

The Psyche store, which has been part of the Middlesbrough shopping landscape for more than 38 years, is considered a flagship retailer for Teesside.

It has recently faced challenges, like many others in the sector, caused by uncertainties around Brexit and the shutdowns forced by the global pandemic.

Angus Allan, corporate finance partner at Clive Owen, said: ‘’The deal was straightforward and conducted at a pace.

“It has secured the future of 58 staff who work at the Middlesbrough shop and on its online operations.

“It will be interesting to see how the business develops over the coming months and years with Steve at the helm in his new role as CEO’’

Mr Cochrane added: “This has allowed me to focus on running the business and Chris Beaumont has ensured I was in a great position to accept this offer for the business by having everything prepared so the due diligence could be completed very quickly.’’