Surfstitch casts aside another brand
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The administrators of Surfstitch Group and Surfstitch Holdings have announced the sale of wholly owned UK subsidiary, Surfdome Shop Limited to Internet Fusion Limited.
Internet Fusion has paid cash and has an obligation to pay deferred consideration for the acquisition. The total consideration (including the deferred consideration) for the acquisition amounts to c.GBP £7m.
John Park, Quentin Olde and Joseph Hansell of FTI Consulting said the companies had agreed terms and entered into an exclusive process with Internet Fusion in relation to the Surfdome transaction before they were appointed administrators.
Surfdome is a board sports online retailer based in the UK and services consumers across Europe.
Internet Fusion is a UK based sports and adventure retailer, servicing a number of markets with specialist websites via its proprietary e-commerce platform.
“The sale of Surfdome to a synergistic buyer, Internet Fusion, is a good outcome for the ongoing growth of the Surfdome business and continues with the execution of the restructuring plan for the group to sell down non-core assets to focus on the profitable and successful SurfStitch Australian business,” said Olde.
Surfstitch’s operating subsidiaries continue to trade while the holding company is in administration.
Questions & Answers
Q.Why has Surfstitch sold its UK subsidiary, Surfdome Shop Limited?
Why has Surfstitch sold its UK subsidiary, Surfdome Shop Limited?
Surfstitch sold Surfdome as part of a restructuring plan to divest non-core assets. The aim is to focus on the profitable Australian business, ensuring the ongoing growth of Surfdome under a synergistic buyer.
Q.Who are the administrators overseeing the sale of Surfdome?
Who are the administrators overseeing the sale of Surfdome?
The administrators for Surfstitch Group and Surfstitch Holdings are John Park, Quentin Olde, and Joseph Hansell. They are from FTI Consulting and were appointed before the Surfdome transaction was finalised.
Q.What is the total value of the Surfdome acquisition?
What is the total value of the Surfdome acquisition?
The total consideration for the acquisition of Surfdome Shop Limited, including the deferred payment, amounts to approximately £7 million. Internet Fusion Limited paid cash and has an obligation for the deferred consideration.
Q.Are all parts of the Surfstitch group currently in administration?
Are all parts of the Surfstitch group currently in administration?
No, only the holding company of Surfstitch is in administration. The article states that Surfstitch’s operating subsidiaries are continuing to trade while the holding company undergoes this process.
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