The Swiss parent company of troubled comfort footwear brand MBT has been rescued from administration for an undisclosed sum.
A source close to the situation confirmed to Drapers that Swiss-based Masai Marketing and Trading, which went into administration on May 7, was acquired last Friday (August 3).
Although the new owner has not been revealed, the source was able to confirm that it is not the Spanish division of Masai Marketing and Trading as was previously speculated.
It is understood the new owner has acquired a number of assets across the business, including the MBT trademark, stock and certain subsidiaries of the business around the world.
But the deal is not believed to include Masai GB – the UK arm of the business – which went into liquidation on July 17.
The UK business is expected to relaunch as a distributor, the source said.
Chris Laughton and Peter Godfrey-Evans of Mercer & Hole were appointed joint administrators of the UK business in May. The company continued to trade for as long as stocks were available, ensuring two months of profitable trading, and enabling some of the 53-strong UK workforce to continue being employed.
Further details of the business’s new owner and its plans for the UK are expected to be revealed next week.
Mercer & Hole could not be contacted as Drapers went to press.