Seven bidders seek to rescue Valley Eyewear from liquidation

Harry Booth

2 hours ago

Sunglasses brand Valley Eyewear has received seven formal written offers in a sale process that has attracted 120 expressions of interest from around the world.

Inside Retail reported that the Gold Coast-based company entered liquidation in mid-August, following a legal battle between its owners Michael Crawley, Tenielle Crawley and Matthew Grippo.

The Federal Court appointed James Robba and Jason Bettles of Worrells as liquidators.

The liquidators have since conducted an expression of interest campaign to secure a sale of the business’s assets. They said it drew “significant market interest”, generating 120 registrations of interest, 72 executed confidentiality agreements and seven formal written offers.

Worrells said that the formal offers came from parties across Australia, New Zealand, Asia and the US. 

“There was considerable interest from prospective purchasers throughout the campaign, which culminated in multiple competitive offers being submitted for our consideration,” Robba added. “The level of engagement reflected the strength of the Valley Eyewear brand and its long-standing reputation within the international eyewear market.

“We expect the outcome achieved through the sale process will result in a return to creditors of the companies.” 

Valley Eyewear was founded in 2011, before growing its market to more than 20 countries and stocking its products in more than 100 businesses.

“The campaign attracted interest from both domestic and international parties and generated strong competition among prospective purchasers,” Robba added. 

“Our objective throughout the process was to maximise the outcome available to stakeholders, and the level of market participation provided a solid platform to achieve that objective.”