David Pike and Mark Orton, partners from KPMG, have been appointed joint administrators to Saltrock Surfwear, a leisurewear and accessories retail brand based in Devon, which has been sold in a ‘pre pack’ deal to Crew Clothing Co. Group, saving over 150 jobs
Following the sale, 25 stores and 162 employees will be retained. However, five stores will close and 29 redundancies have been made.
David Pike, joint administrator and partner at KPMG, said: ‘Following recent challenges the business has faced and in line with current experience across the retail sector, the company’s management team has worked hard to try to turn the business round and formulate a rescue bid.
‘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. This deal will see over 160 jobs transfer to the new owners.’
On behalf of Saltrock's Board, James Brent said: ‘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.’
David Butler, Crew Clothing’s chief executive officer, 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.’
Report by Pat Sweet
