Surfwear brand Saltrock has been rescued from administration by a consortium of investors.
Saltrock, which has 150 UK stockists, eight standalone stores and sales of £5m, aims to double turnover within three years and return to profit by the end of this year after receiving a cash injection from its new owners, ex-Citigroup banker James Brent and Devon businessman Alan Bassett.
The Devon-based brand fell into administration last week after over-expanding its retail operation on top of the onset of the recession.
Co-founder Angus Thomson retains an equity stake in Saltrock along with his fellow co-founders, his brother Ross Thomson and Carl Priscott. Angus Thomson told Drapers: “The recession crippled us. We had tough trading conditions over the past two years, which dragged the business down.”
Thomson added that the next 12 months would see the consortium stabilise the business ahead of plans to increase wholesale distribution, open company-owned and franchise stores and increase the brand’s levels of export into new markets.
Brent, who is now chairman of Saltrock, added: “Saltrock is a well-established brand in the Southwest. With a fresh injection of capital and a more focused approach, we can create a market-leading brand.”
Bassett is Saltrock’s new finance director. The rescue deal has secured 80 jobs at the company.