M&S supplier Stirling buys Tamarind

Hong Kong-based Tamarind International, which sources own-label merchandise for international customers, has been bought by British-based Stirling Group, a textiles-maker and Marks & Spencer (M&S) supplier, for $140 million.

Tamarind said yesterday after the listed Stirling's annual meeting, that its former major shareholder, Joe Lewis - who it also described as a currency speculator - had taken a stake in Stirling under the deal.

Mr Lewis' stake will amount to 16 per cent on completion of the deal and assuming full conversion of loan notes issued as part of the consideration.

Kowloon Bay-based Tamarind's overseas customers include Sussan and Oshkosh in Australia, FAO Schwartz and Warner Bros Studio Stores in the United States and Next in Britain.

TEXTILES