Auralis, a new buy-and-build holding company established by TCP to create a leading active and lifestyle retail group, has completed its first platform acquisition with the purchase of Weird Fish.

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.

The investment firm is understood, by The Times, 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 said that Auralis will target retailers considered “limited in their abilities to invest in their own businesses”.

He added: "We believe that by combining select businesses looking to be part of a growth and value creation platform, we will be able to generate greater value through integrated operations than they could achieve independently."

The Times reported that TCP does not plan to acquire retailers facing insolvency in distressed transactions.

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.

The brand posted strong results in its latest financial year, had a record first half and is on track to deliver a substantial uplift in EBITDA in FY25 versus £5.4m ($7.1m) a year earlier. The increased investment will allow the business to expand its omnichannel presence and brand profile further.

Butler joined Weird Fish as chief executive in 2023 after serving seven years as head of Crew Clothing.

Under the acquisition, Butler said the fashion retailer is now well positioned to continue to improve profitability and, with this additional money "accelerate growth plans."

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.

Natlaie Eastham, managing partner at TCP, commented: When the opportunity came to take the business to its next stage of growth, we wanted to be a part of that journey, and we are excited about the growth opportunities that lie ahead with Auralis and this experienced management team."

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.