Blacks Leisure, the troubled outdoor retailer, has sold its Mambo surfwear brand for £800,000.
Mambo has been sold to Andrew Gerrie, a former chief executive of cosmetics retailer Lush, via his Hong Kong investment vehicle.
Blacks has been attempting to end its ill-fated relationship with surfwear for some time. Blacks chief executive Neil Gillis closed down the retailer’s Sandcity boardwear division which operated surfwear chains Freespirit and O’Neill, which had been making heavy losses.
It is the latest step in a turnaround strategy at the retailer, which also owns outdoor equipment chain Millets, after it announced a £20m fundraising last month.
It also closed dozens of loss-making stores, some of which traded as O’Neill, late last year.
Blacks is understood to have become a bid target for bicycle parts retailer Halfords, which is reportedly considering a £30m offer for the retailer, and private equity fund Lion Capital – which also has 100% equity in lingerie retailer La Senza – has expressed an interest in buying the business.