By SIMON HENDERY
Listed investor Hellaby Holdings has taken a controlling stake in upmarket clothing company Specialty Brands.
Specialty Brands manufactures and retails Rodd & Gunn and Logan Yachting wear.
Hellaby, which has a portfolio of 13 investments including shoe chain Hannahs, bought a 33 per cent stake in Specialty Brands in February.
Yesterday, it said it had agreed to buy a further 30 per cent of the company from Specialty Brands' founder and retiring managing director, Gary Gwynne.
It will also exercise a convertible notes holding to raise its total shareholding to 82 per cent.
Hellaby's managing director, David Houldsworth, said Specialty Brands was well placed to begin a five-year expansion programme in Australia.
Specialty Brands has eight Outdoor Heritage stores and three factory outlets in New Zealand and 13 stores in Australia. It has annual sales of $30 million.
Hellaby has an option over the remaining shareholding in Specialty Brands, at present owned by the Greenstone Fund, which can be exercised after January 2003.
Hellaby has appointed Hannahs chief executive Michael Beagley as managing director of Specialty Brands.
Hellaby Holdings shares closed down 1c yesterday at $1.67.
Meanwhile, Hannahs will next week open a store in Sydney targeting 16 to 24-year-old shoe shoppers.
The new "Pulp" brand store will be the first of three to open in Australia before Christmas, Mr Beagley said.
The Pulp shoe label is also sold at the company's 74 New Zealand shops, which have annual sales of $64 million.
Hannahs will convert two of its four Brisbane stores to the Pulp format, but is not planning a similar move in New Zealand.
Hellaby raises stake in top-flight clothing firm
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