Enterprising Posh chairman looks to recruit staff for new £1 million clothing business
The boss of Peterborough United Football Club has teamed up with investors to launch a £1m clothing business.
Darragh MacAnthony (43) says he has gone into partnership with a successful businessman in Peterborough in order to create the new fashion enterprise.
The two plus a third investor have raised about £1 million for the venture and plan to open a head office and distribution centre in Peterborough.
It is hoped to initially create 10 to 15 jobs with that figure rising to 25 after six months and doubling to 50 in a year.
He is also appealing to the public to come up with a 'cool brand' and name for the business and has vowed to pay £1,000 if someone submits an idea he likes.
Mr MacAnthony, who has been chairman of Peterborough United for 13 years and launched a football magazine six years ago, says much of the clothing will be sourced aboard and the business, aimed at people aged 16 to 30, will mostly operate online.
He says the partners, who he does not name, are also about to buy a sports clothing line that will be integrated into the new fashion business.
The Posh boss revealed his new idea and the inspiration driving the venture on his regular YouTube business-support video.
In it he states: "Both our families spend a ridiculous amount of money on clothing.
"You see the price of some of the stuff my wife and children pay for - hoodies, T-shirts, tracksuits, dresses - they spend a lot of money."
But Mr MacAnthony also flags up his lack of experience with the clothing industry.
He states: "I am not going to lie to you - I don't have much experience in it but I'm fearless and I'm willing to take a punt and I'm willing to invest in a good idea and myself and my partner think this has got legs."
It is hoped the business will be launched before Christmas with the first clothes going on sale next year.
Ahead of the launch, Mr MacAnthony has embarked on a recruitment drive as the partners search for a managing director, fashion designers, administrators and IT experts.