Private equity firm Silverfleet Capital has sold department store chain TJ Hughes in a management buyout backed by investor Endless LLP.

The price for the secondary buyout was undisclosed.

Gareth Whiley, partner of Silverfleet Capital, said: “TJ Hughes has in place an excellent management team and it has been a pleasure working with them. We wish them, and Endless every success in this next phase.”

TJ Hughes was backed by Silverfleet Capital in 2003 and under its ownership the business grew from a total of 37 stores to 57 currently.

The retailer employs over 4000 members of staff.