The transaction increases TCP’s stake in Weird Fish from 69% to 80%, according to The Times.
The new deal gives the investment firm the capacity to pass special resolutions and assume full decision-making control over the company.
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Weird Fish now becomes part of Auralis, a new group established by TCP.
The investment firm is understood to be preparing a £50m fund for Auralis to pursue further acquisitions of high street brands.
Leadership of Auralis will remain with David Butler, currently chief executive at Weird Fish.
Butler commented that Auralis will target retailers considered “limited in their abilities to invest in their own businesses”.
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By GlobalDataTCP reportedly does not plan to acquire retailers facing insolvency in distressed transactions.
“There was nothing in the P&L [profit and loss] that would suggest that’s not feasible,” Butler said regarding Weird Fish’s ongoing expansion plans.
Weird Fish, based in Tewkesbury, England, operates 36 stores across the UK and sells through both its own retail channels and wholesale partnerships. Its products are stocked by retailers including Tu, owned by Sainsbury’s, and Debenhams.
Latest accounts as reported by The Times show Weird Fish recorded revenues of £42.6m in 2024, a year-on-year increase of £4.4m. Pre-tax profits grew from £1.3m to £2.9m during the same period.
Butler joined Weird Fish as chief executive in 2023 after serving seven years as head of Crew Clothing.
Under his leadership, Weird Fish has undertaken a phase of expansion aimed at increasing its retail estate and strengthening its market position.
Butler had previously stated the possibility of growing the store portfolio to between 80 and 90 locations in the coming years.
TCP initially became involved with Weird Fish in 2017 when it acquired a majority stake from Piper Private Equity through a secondary management buyout.
Since then, TCP has acted as lead investor while supporting operational changes and company growth initiatives.
Weird Fish maintains a presence in regional and coastal towns throughout the UK, with stores located in Southwold, Whitstable, Lyme Regis and Weymouth, among others.
According to its LinkedIn profile, the company has between 51 and 200 employees.
