26 year old entrepreneur buys out £400,000 turnover tights business15/10/2021
Morpeth headquartered Tights Tights Tights is under new ownership following a Management Buy-Out by Allana Loftus.
Hosiery business Tights Tights Tights started out as a small shop in the Metrocentre, Gateshead in 2000. Since then, the company has established a strong online presence and now supplies an extensive range of tights, stockings, hold ups and socks across the globe from its Head Office and distribution centre located in Morpeth, Northumberland.
Their online success is credited to the face-to-face retail experience gained by the previous owners, Carol and Nigel Stocks, which allowed them to build an in-depth understanding of customers’ requirements and provided them with a competitive advantage over other online hosiery businesses. Having successfully ran the company for the past 11 years, Carol and Nigel made the decision to retire and sell the business.
New owner Allana Loftus, who has worked at Tights Tights Tights for almost 3 years, explained “after working for the company and absolutely loving everything about it, it was an honour to be able to buy it. I saw a fantastic opportunity that I did not want to miss out on.”
Allana is keen to maintain the values of a family run business, employing her mum to work alongside her and acquiring her dad’s help in the warehouse. “Being able to work every day with my family is a dream come true in itself” said Allana.
Allana has big plans for the future and aims to become the number one tights company.
Allana was advised by Daniel Bell, a Solicitor in Mincoffs Solicitors’ corporate team. Dan commented: “Assisting Allana in her acquisition of Tights Tights Tights has been a pleasure. Allana’s knowledge of the business and enthusiasm for taking it over was clear to see from the very start and I’m certain Tights Tights Tights has an exciting future ahead under her ownership. I wish Allana the best of luck.”
Allana added: “I received the most professional and enjoyable experience from Daniel at Mincoffs Solicitors. He kept me updated at every stage of the transition, replied to my queries immediately and supported me throughout. The whole time it was stress free and I knew I was in safe hands. I would only use Mincoffs going forward.”
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