Surfstitch sells brand to e-commerce company
The administrators of Surfstitch Group and Surfstitch Holdings have announced the sale of wholly owned UK subsidiary, Surfdome Shop, to Internet Fusion Limited.
Internet Fusion paid around £7 million ($11.88 million) for the brand, which is the leading board sports online retailer in the UK, delivering to surf, skate and snow customers across Europe.
Internet Fusion is a UK-based sports and adventure retailer and operates a proprietary e-commerce platform, enabling it to service a number of distinct markets.
The company paid cash and has an obligation to pay deferred consideration for the acquisition.
Surfstitch and Internet Fusion agreed to the terms of the Surfdome acquisition and entered into an exclusive process before the appointment of administrators.
Quentin Olde, one of the joint administrators, said: “The sale of Surfdome to a synergistic buyer, Internet Fusion, is a good outcome for the ongoing growth of the Surfdome business and continues with the execution of the restructuring plan for the group to sell down non-core assets to focus on the profitable and successful Australian business.”