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Sandra Halliday Published
December 20, 2025
Discounter The Original Factory Shop (TOFS) is reportedly “exploring options” after Deloitte earlier failed to find a buyer for it. Teneo is believed to be acting as adviser to owner Duke Street Capital as those options are looked at.
TOFS is one of the UK’s biggest discount retailers and The Times reported that Duke Street hired new advisers, although this hasn't been confirmed.
Duke Street bought the business in 2007 and in spring 2025 it was reported to be up for sale with analysts saying it could be an attractive purchase prospect. In the previous autumn it had reported a return to profit and as recently as last year it was upbeat, saying it would “guarantee” interviews to retail staff from New Look and Wilko who were at risk of redundancy or had been made redundant.
And with a TOPFS spokesman saying in response to the latest news that “the business continues to trade as normal and is expected to perform well over the busy Christmas period”, it’s interesting that a buyer hasn’t been found.
However, it has clearly faced some recent challenges. Its results filed earlier this year for FY23 showed turnover falling from £124.4 million to £118.7 million. And while the gross profit margin increased to 50.1% from 48.6% EBITDA was down from £8.5 million to £4.6 million. Admittedly this was higher than before the pandemic, but the company made a pre-tax loss and its net loss for the year was £1.7 million compared to a net profit of £1.4 million in the previous fiscal year.
The business was established in 1969 and sells a wide range of goods, including fashion and beauty brands (from Adidas to Joules, Abercrombie & Fitch, Burberry, Calvin Klein, Hunter, Regatta, Jimmy Choo, Ariana Grande, L’Oréal and more).
Duke Street paid £68.5 million for it in 2007 and the fact that it has held on to it for 17 years is in itself unusual for a private equity investment. The Timessuggested this is less about the company wanting to hold on to it and more about the fact that it has actually been trying to find a buyer for several years. It reportedly first started sounding out prospective advisers as far back as 2025 at a time when the chain was potentially valued at more than £100 million.
None of parties involved have commented on the news.