Ethical lifestyle business Celtic Sheepskin has been bought in a prepack administration deal by its former owners after the Newquay-based company hit the buffers earlier this month.
Kath and Nick Whitworth, who took over the company in 1990, have bought the business and assets from administrators for £60,328. The business now trades under Celtic Sheepskin and Co.
The business appointed administrators Resolve on February 3 after racking up losses of more than £2m in about three years to November 2013.
Seven of its 52-strong staff have been made redundant. Marketing director Emily Bates has been promoted to managing director. Both of the Whitworths will develop the strategy.
About 75% of Celtic Sheepskin’s retail business comes through its transactional website, with the rest coming from its mail-order catalogue and indie stockists, which includeCornish surf store Anns Cottage.
Private equity firm Piper bought a minority stake in Celtic Sheepskin in 2011.