Famous Army Stores
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Famous Army Stores Ltd. was a major independent retailer of camping equipment, outdoor clothing footwear and army surplus. It was established in 1981 and based in Garston, Liverpool.[1] It had been owned and managed by the well known Wilson family of Liverpool,whose business interests had included the Starways Airline which operated out of Liverpool.
In 1996 a management buy-out was carried out by Financial Director, Graham Smith and two colleagues. 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.[2] Foot and mouth disease and mismanagement plunged the once profitable business into severe debt with losses approaching £2.1 million for 2001. When the company's bankers cancelled their overdraft facility, the company was forced into in administration.[3]
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.
References
- ^ "Famouse Army Stores Limited". Companies House [England]. Retrieved 2016-11-07.
- ^ http://www.telegraph.co.uk/finance/2752652/Blacks-marches-on-Army-stores.html
- ^ "Famous Army Stores waves the white flag". (North Wales) Daily Post. Jan 2002. Retrieved 2016-11-07.