Leisurewear and accessories retailer Saltrock Surfwear has been sold to a subsidiary of Crew Clothing in a pre-pack deal, under which 25 stores and 162 employees will be retained.
Five stores of the Devon-based chain will close and 29 redundancies have been made.
David Pike and Mark Orton from KPMG were appointed joint administrators to Saltrock Surfwear last week, and concluded a sale of the business and its assets to a subsidiary of Crew Clothing immediately on their appointment.
David Butler, chief executive of Crew Clothing, said he was delighted to have acquired the “well-established surfwear retailer with a strong south-west presence”, protecting the brand and a significant number of current employees.
“Through this transaction we have now added Saltrock to our growing and successful business portfolio,” he said. “It presents us with a huge opportunity and allows us to maximise our supply chain and operations, giving great potential to the Saltrock brand. We welcome their employees to our team and we aim to make the transition as smooth as possible for them.
“Saltrock has built a great foundation and we are excited to take it forward following a successful performance for Crew Clothing this fiscal year to date.”
Joint administrator Pike added: “Following recent challenges the business has faced and in line with current experience across the retail sector, the management team has worked hard to turn the business round and create a platform for Saltrock to thrive.
“This has included them formulating their own rescue bid as part of the sales process. Against the continuing backdrop of retail turbulence, we are extremely pleased to have achieved the sale of this highly recognisable south-west brand. We wish the business well in its exciting next phase of new ownership.”