Fashion chain Monsoon Plc has acquired 47 leasehold stores from Etam Plc, the chain which entrepreneur Philip Green bought from Etam Developpement two weeks ago. Green also said he has sold 20 of Etam's stores to West Coast Capital.

Monsoon said it paid approximately £43 million for the string of stores, which includes the cost of transforming them into its own format over the next few months.

The purchase, which will expand Monsoon's trading space by around 30 per cent, will result in a number of small store closures and a subsequent fixed asset write-off of about £4m as well as disposal costs of approximately £2m.
 
Monsoon's chairman Peter Simon said that the deal will "expand Monsoon's presence across the British high street", introducing it into a number of towns and cities where it does not currently operate.

Simon added: "This will also enable us to open larger, additional dual format Monsoon Accessorize stores, which have proved a great success".

Monsoon expects to have completed its conversion of the stores into its Monsoon or Accessorize-branded formats by Autumn 2005.

Green also announced today he has sold 20 of Etam's stores to West Coast Capital for an undisclosed sum.

West Coast Capital is a private equity vehicle owned by Tom Hunter and Jim McMahon.

He added that another 15 stores will be transformed into the TopShop brand, part of Green's Arcadia retail group. The conversions will bring TopShop's total number of outlets to 316.

Green said when he acquired the business that he planned to sell off around 50 retail locations of Etam UK, which operated 213 stores under the Etam, Tammy and Emily May brands.