Allders management acquire majority stake

Harold Tillman, owner of the Jaeger fashion group,

has sold his majority shares of department store Allders Croydon. Allders, which is Britain’s fourth-largest department store, will now see its management own the majority stake.

According to the Daily Mail, Allders chief executive, Andrew MacKenzie, orchestrated the management buyout this week having secured funding in the region of £30million.

Tillman, who rescued the company from administration 7 years ago, is to retain 30 per cent of the company.