Sports Direct founder Mike Ashley is reportedly poised to buy surfwear brand Hot Tuna.
Brand Holdings, which lists Ashley among its directors, has reportedly offered £950,000 for the assets of Hot Tuna. Reports in the Evening Standard suggest that Hot Tuna will then be turned into a “shell company” called Concha.
The brand was put up for sale last year after losing £860,000 on sales of £210,000.
In December Drapers reported that Hot Tuna could be sold off by the end of the year with the owners receiving bids from both investors and retailers.
Once the brand is sold executive chairman Francis Ball, chief executive officer Geoff O’Connell and brand director Oscar Verden will step down from the board.