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EBTM sells Lowlife to Plus Brands

EBTM, the online retailer and wholesaler of music-inspired fashion, has sold its Lowlife accessories brand to Plus Brands.

EBTM will retain exclusive distribution rights for the Lowlife brand in the UK as part of the agreement.

The sale of Lowlife is part of a restructuring of the wholesale business to improve margins and is expected to result in annualised total savings of about £600,000 as a result of the reduction in overheads.

EBTM will receive £200,000 from the sales, with Plus Brands paying an additional deferred consideration of 20% of global sales revenue from Lowlife in excess of £500,000 in 2009, up to a cap of £100,000.

Plus Brands is owned by Dale Masters, Lowlife Corporation's founder and major shareholder in EBTM.

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