Two of the hottest names in fashion will have a bit more cash to burn soon, with Myer announcing it will complete its buy-out of Sass & Bide worth about $30 million.

Fashion entrepreneurs Heidi Middleton and Sarah-Jane Clarke will receive a hefty pay-out as Myer takes the final 35 per cent of the company, according to documents lodged to the Australian Securities Exchange.

Middleton and Clarke hold 5.25 per cent of the business, entitling them to a joint pay-out of around $9 million. The rest of the money will go between Daniel Besen, who owns 13 per cent and investor David Briskin, who owns 11.5 per cent.

Myer’s ASX statement said Briskin is sticking around as executive chairman, Middleton and Clarke are keeping their involvement, but Besen is departing.

Myer chief executive Bernie Brookes says: “Sass & Bide is well placed to continue building on this strong platform and has an exciting pipeline of growth initiatives to deliver including new store openings and brand extensions into new categories.”

“We enjoy a very positive relationship with Sass & Bide founders, Heidi Middleton and Sarah-Jane Clarke, as well as David Briskin and are pleased that they will remain involved in the business. Sass & Bide will retain its autonomy of management and most importantly, of design,” Brookes said.

It is an expansive step in a reasonable, not spectacular year for Myer; it has posted a net profit after tax of $132.1 million for the 2012-2013 financial year.