Famous Army Stores
| Company type | Limited |
|---|---|
| Industry | Retailer |
| Founded | 1940s |
| Founder | Wilson Family |
| Defunct | 2001 |
| Fate | administration |
| Headquarters | Garston, Liverpool |
| Products | camping equipment, outdoor clothing footwear and army surplus |
Famous Army Stores Ltd. was a major independent retailer of camping equipment, outdoor clothing footwear and army surplus. It was established as a limited company in 1981 but had been trading since the 1940s.[1] It was based in Garston, Liverpool,[2]
The company had been founded in the 1940s by the well known Wilson family of Liverpool, whose business interests also included Limocoat, Cathedral Touring Agency, and Starways Airline. Highpoint Trading was the parent company for Famous Army Stores and Limocoat, formed as a vehicle for a management buy-out in 1996. The management buy-out was carried out by Financial Director, Graham Smith and two colleagues. Smith had previously had a successful career in taxation consultancy. The chain then rapidly grew from 100 stores to 200 in an amazing change of fortune with a turnover of £50 million and profits of £2.2 million in 1998. Business awards were heaped on the company and Graham Smith in particular.[3] However an outbreak of Foot and mouth disease plunged the once profitable business into losses for 2001, after the countryside was closed and requirement for company's goods disappeared for 7 months leaving the company with a liability of costs for 200 branches and 1500 employees and negligible income. The company struggled to stay afloat without receiving any government aid and eventually went into administration. The management buy-out team made nothing from the years of success, being very prudent with remuneration for themselves.[1]
The preferred bidder and eventual owner, Blacks Leisure Group (Blacks), acquired 47 stores and all of the stock for £1.7 million. While Blacks retained all of the staff from the 47 stores, most of the managers left the business as the stores' brands were changed to Millets or Blacks. Graham Smith went on to enjoy a success career in business management in his home county of Cheshire while his co-directors stayed in the industry.
References
- ^ a b "Famous Army Stores waves the white flag". (North Wales) Daily Post. January 2002. Retrieved 7 November 2016.
- ^ "Famous Army Stores Limited". Companies House [England]. Retrieved 7 November 2016.
- ^ "Blacks marches on Army stores".