LIVERPOOL retailer TJ Hughes has been sold for an undisclosed sum, several months after its private equity owners ended the £70m sale process it had begun last April.

Silverfleet Capital had blamed market conditions for its move, but has today completed the sale for an undisclosed sum to its management, who are backed by Endless, a Leeds-based private equity firm which specialises in turnarounds.

Gareth Whiley, partner of Silverfleet Capital who was on the board of TJ Hughes said: “TJ Hughes has in place an excellent management team and it has been a pleasure working with them. We wish them, and Endless every success in this next phase.”

Silverfleet bought TJ Hughes in 2003 , adding 20 stores to bring its portfolio up to 57.

The company, which opened its first store in Liverpool in 1912, employs more than 4,000  people, although the preponderance of part-time roles means their staffing levels are equivalent  to 2,000 full-time workers.

The sale follows industry reports earlier this week that TJ Hughes had had its credit insurance pulled by insurer Euler Hermes.

Last month, the company declined to comment on reports that about 25 managers had been made redundant, only saying “there will always be small numbers of people who leave the business”.

At the time a TJ Hughes spokesperson said: “Every business reviews their plans for the next 12 months to make sure they have the right manpower and resources in place.”

It was one of the first actions by new chief executive Beatrice Lafon, who replaced Sue Tennant  at the start of this year.

Ms Lafon is the former chief executive of Etam Group and she has also previously held senior  roles in the retail sector at Woolworths and Homebase after starting her career with Marks &  Spencer.

At the time of her appointment, TJ Hughes chairman Neil McCausland said “trading remains  very tough” and after Christmas the retailer took steps to limit its exposure.

That included a 10-day discount sale in January, offering “20% off absolutely everything”  across its stores, in order to reduce the levels of stock in its warehouses.

Its most recent accounts, for the year to January, 2010, showed pre tax profits increase by  more than £1.5m to £6.8m. That was achieved on sales of £266.7m, an annualised rise of  4%.

Although the last full financial year before Ms Tennant’s appointment, to January 2007, showed  pre-tax profits of £1.2m, they rose to £5.1m in the year to January, 2008. She started as chief executive in August, 2007. This was followed with profits of £5.3m the  following year.

On departing Ms Tennant described how she was “very proud” not to have made any  redundancies during her tenure as chief executive.

TJ Hughes has also changed its finance director, with Paul McDonald replacing David Williams  on the retailer’s board. Mr McDonald joined the company in October, 2009.