Speciality Fashion Group Limited (SFH) announced it entered an agreement to sell Millers, Katies, Crossroads, Autograph and Rivers portfolio of businesses to Noni B, for $31mm subject to customary conditions

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SFH’s agreement to divest its brands comes following the conclusion of its previously announced structural review.

The company’s Independent Review Committee (IRC) of the board has unanimously considered the divestment to be in the best interests of shareholders.

Under the terms of the agreement, Noni B will acquire all assets, employees and liabilities of all the brands included in the deal.

"As part of the structural review, the IRC carefully considered a range of options, including whole of company transactions, divestment of brands and a capital raising."

SFH chair Anne McDonald said: “As part of the structural review, the IRC carefully considered a range of options, including the whole of company transactions, divestment of brands and a capital raising.

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“The directors unanimously concluded that the retention of City Chic and the divestment of SFH’s other brands will optimise value for SFH shareholders.

“The Board considers that a significant turnaround is required to reset the other businesses in the portfolio, and that this would require time, capital and carry material execution risk. Divestment of these businesses crystallises near term value and provides certainty for shareholders.”

SFH plans to use the sale proceeds to recapitalise and create a stronger platform for future growth of its profitable brand City Chic.

Following the transaction, management, board renewal team, as well as all members of the City Chic management team would be retained. The transaction is subject to customary conditions.

SFH has also signed a transitional services agreement with Noni B to ensure a smooth transition of the divesting process for SFH’s customers, employees and other stakeholders.