A subsidiary of casual wear retailer Crew Clothing has acquired leisurewear and accessories brand Saltrock Surfwear in a so-called ‘pre-pack’ administration deal.

Following the sale, 25 stores and 162 employees will be retained. However, five stores will close and 29 redundancies have been made.

David Pike and Mark Orton from KPMG were appointed joint administrators to Saltrock Surfwear Limited on 17 August, immediately concluding a sale of the business and assets.

Commenting on the sale, David Pike, joint administrator, and partner at KPMG, said the company’s management team has worked hard to try to turn the business around and formulate a rescue bid.

“The sale via ‘pre-pack’ was required to provide the business with as much stability as possible by securing a new owner and finance for the business. 

“Sadly a number of redundancies will be made and over the coming days our priority is to ensure all employees who have been affected receive the information and support they need in order to claim monies owed from the Redundancy Payments Office.”

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On behalf of Saltrock’s board, James Brent said the company is proud of the growth it has achieved over the last eight years but acknowledged it is the right time for a change of leadership.

“We wish [Crew] and the employees every success in the future. Saltrock is a very strong brand with a great story and team behind it. We very much look forward to seeing them realise the potential of the business and are pleased that they are retaining the significant majority of staff at head office, in the distribution centre and stores.”

David Butler, CEO of Crew Clothing, added: “Through this transaction, we have now added Saltrock to our growing and successful business portfolio. It presents us with a huge opportunity and allows us to maximise our supply chain and operations giving great potential to the Salt Rock brand. We welcome their employees to our team and we aim to make the transition as smooth as possible for them.”