The administrators of Surfstitch Group and Surfstitch Holdings have announced the sale of wholly owned UK subsidiary, Surfdome Shop Limited to Internet Fusion Limited.
Internet Fusion has paid cash and has an obligation to pay deferred consideration for the acquisition. The total consideration (including the deferred consideration) for the acquisition amounts to c.GBP £7m.
John Park, Quentin Olde and Joseph Hansell of FTI Consulting said the companies had agreed terms and entered into an exclusive process with Internet Fusion in relation to the Surfdome transaction before they were appointed administrators.
Surfdome is a board sports online retailer based in the UK and services consumers across Europe.
Internet Fusion is a UK based sports and adventure retailer, servicing a number of markets with specialist websites via its proprietary e-commerce platform.
“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 SurfStitch Australian business,” said Olde.
Surfstitch’s operating subsidiaries continue to trade while the holding company is in administration.
