An online tyre entrepreneur has bought the intellectual property assets of former womenswear etailer Atterley out of administration and plans to relaunch it as a platform for independent fashion retailers.
Michael Welch, founder of online tyre retailer Blackcircles.com, acquired a small equity holding in Atterley in the final quarter of 2015. The etailer entered administration on January 5. Welch has now acquired Atterley’s IP assets through his investment vehicle, The Welch Group.
No financial details have been given on the deal.
Atterley ceased trading last month after it failed to raise enough funding to continue. All 17 employees were made redundant.
The new company has established a small team of six based in Edinburgh, covering operations, marketing, technology and business development. Atterley will be relaunched as a global selling platform for independent retailers by the end of this year, Drapers understands.
Chief marketing officer Nick Freer said boutiques from the UK, US and Australia have already signed up, although no further details have been given.
“Our mission is to support the local guys and provide them with the tech toolkit and marketing reach to compete with the big online retailers and the high street,” said Freer.
“We have a core team in place who have hit the ground running and an executive team is being recruited to lead Atterley’s development in the UK, US and internationally.”
Atterley Road was founded by former Jigsaw jerseywear designer and buyer Katie Starmer-Smith and her business partner, Edward David, in 2012 as an online retailer focusing on the urban 30-plus female consumer. It sold brands such as Vero Moda and French Connection, as well as its own label.
In June last year, it changed its name to Atterley, expanded its own label range and relaunched the website.
“The previous Atterley team did an excellent job of establishing a high-quality offer and reputation to a very loyal audience and it was a shame to see it end,” Welch told Drapers.
“We saw the investment opportunity to take the Atterley brand on and back a team to deliver an innovative and exciting new proposition to the same audience.”