Saltrock Surfwear, a leisurewear and accessories retail brand based in Devon, has been sold to Crew Clothing Group via a pre pack administration.
David Pike and Mark Orton from KPMG were appointed joint administrators to Saltrock Surfwear Limited on 17 August. Immediately upon their appointment, they concluded a sale of the business and assets to a subsidiary of the Crew Clothing Co. Group.
Following the sale, 25 stores and 162 employees will be retained, while five stores will close and 29 redundancies made.
David Pike, joint administrator and partner at KPMG, said the sale via ‘pre pack’ was required to provide the business with as “much stability as possible” by securing a new owner and finance for the business.
He said: “Sadly a number of redundancies will be made and over the coming days, our priority is to ensure all employees who have been affected receive the information and support they need in order to claim monies owed from the Redundancy Payments Office.”
On behalf of Saltrock’s Board, James Brent added: “We are proud of the growth we’ve achieved over the last eight years, but now is the time for Crew to drive the business forward.
“We wish them and the employees every success in the future. Saltrock is a very strong brand with a great story and team behind it. We very much look forward to seeing them realise the potential of the business and are pleased that they are retaining the significant majority of staff-at head office, in the distribution centre and stores.”
David Butler, Crew Clothing’s CEO, said:“Through this transaction we have now added Saltrock to our growing and successful business portfolio. It presents us with a huge opportunity and allows us to maximise our supply chain and operations giving great potential to the Salt Rock brand. “We welcome their employees to our team and we aim to make the transition as smooth as possible for them.”