Specialty Fashion Group (SFH) has completed the sale of its Queenspark business for consideration of $5.5 million.

Sold to private investors, including the management of the brand, the company said the deferred consideration of $1.5 million cash will be paid over a period of three years.

“We purchased Queenspark three years ago and under our ownership we increased the number of stores from 7 to currently a portfolio of 26 stores,” Gary Perlstein, SFH CEO, said.

“However, the brand has not met all our internal growth expectations, and we believe that the capital released from the sale will generate better returns invested elsewhere.”