Outdoor accessories retailer falls into administration
A Lincolnshire-based outdoor accessories retailer and a north-west sunglasses outlet have fallen into administration.
Graham Bushby, Nick Edwards and Matthew Haw of RSM UK Restructuring Advisory have been appointed as joint administrators of Northcore, of Louth, and Shade Limited, which trades as Shade Station, based in Bury.
Shade is an online retailer of sunglasses, glasses and watches, and Northcore is an outdoor accessories and lifestyle online retailer.
A spokesperson for RSM told TheBusinessDesk.com: “The joint administrators are currently reviewing the financial position of both companies to ascertain the prospect of continuing to trade the businesses, and the viability to sell them as a going concern.”
Last year, Internet Fusion Group (IFG), an ecommerce business which sells outdoor and fashionwear and has been growing through a buy-and-build strategy, bought both Northcore and Shade.
IFG secured a loan of £13.7m from Hawkwing to fund the acquisition of Shade Station as well as Northcore.
RSM has reportedly been appointed as administrator to protect Hawking’s secured interests and its ability to recover IFG’s debt to Hawking.