Independent department store chain Morleys Stores Limited has acquired family-owned department store business Camp Hopson in Newbury, which joins seven other independently branded department stores under the Morleys name including Elys in Wimbledon, Pearsons in Enfield and Morleys in Brixton.
Morleys Executive Chairman Bernard Dreesmann has revealed that up to £3m is to be spent on bringing the Camp Hopson store up to the standard of Elys in Wimbledon. He said the acquisition “represents an excellent strategic fit to the existing business and both my team and I welcome the Camp Hopson staff into the Morleys Group”.
Since establishment in 1927, the success of the Morleys Group has continued to grow both in terms of acquisition, sales and investment. In the year ending January 2014, Morleys’ sales were £90.6m with a pre-tax profit of £7.1m. In the first 9 months trading of the current year, Group like for like sales are up 6%. The acquisition of Camp Hopson will push Group sales beyond the £100m mark. Jonathan Hopson, Chief Executive of Camp Hopson, said “the 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.”
