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Bidders contend to land Hot Tuna deal

Hot Tuna could be sold by the end of the year after its owners received bids from both investors and retailers earlier this week.

The bidding process for the surfwear brand closed on Monday. Executive chairman Francis Ball said there had been a “healthy” number of bidders.

He added: “There was a wide spectrum: some individuals and some retailers, more ecommerce retailers than bricks-and-mortar, but a good spread.” Some investors had also expressed interest.

The board will now pick three bidders and invite them to proceed with due diligence, with sale completion by the end of the year.

Ball, chief executive officer Geoff O’Connell and brand director Oscar Verden would then step down from the board.

Earlier this month, Hot Tuna announced that distributor International Fashion Group Australia would oversee the brand’s sales, distribution and marketing in Australia and New Zealand.

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