Women's fashion designer and producer Slimma Plc on Monday said it had bought the Peter Martin clothing brand for £354,000 from Le Roi Ltd.

The company said a further payment of £63,500 may also be payable and Peter Martin will augment its existing range of branded clothing lines, which includes Frank Usher, Dusk, Coterie and Slimma.

It added employees responsible for the sales, marketing and design of the brand will be joining Slimma from Le Roi following the acquisition.

Unaudited management accounts showed the approximate turnover for Peter Martin in the year to May 31 was £1 million and the unaudited profit for this period was £24,000.

Slimma last week reported a six per cent rise in pre-full-year tax profit to £1.5 million from £1.4m in the year-ago period on the back of a 19 per cent climb in sales to £31.3m.