Urban fashionwear brand, and 21 jobs, saved in sale by joint administrators
More than 20 jobs have been saved in the rescue of a Lake District-based urban gym and loungewear brand.
The company, 11 Degrees, based in Kendal, was set up in 2014 by Andrew Hayton and Gary Beadle.
Chris Ratten and Lindsey Cooper, of RSM UK Restructuring Advisory, have agreed its sale to Greystone House Brands and MCR Collective, saving 21 jobs and securing the future of the popular urban fashion brand.
The brand and intellectual property were purchased by Manchester-based Greystone House Brands. All 21 staff and the stock will transfer to MCR Collective, meaning minimal disruption to trade and no jobs losses.
Chris Ratten, restructuring partner at RSM, said: “Securing this sale ensures a smooth transition of ownership to Greystone House Brands with minimal disruption to staff and customers of 11 Degrees Ltd.
“Whilst the business continued to support revenue of £10m, the pandemic, additional costs created by Brexit, and supply chain difficulties have created an exceptionally tough trading environment.
“With a new owner of 11 Degrees it means the popular fashion brand will go from strength to strength.”
Andrew Hayton said: “The new venture with MCR Collective provides not only additional working capital and security of the supply chain but an exciting next step on the 11 Degrees journey, as new brands are added to what we hope will become one of the UK’s premier brand houses.”
The joint administrators were advised by TLT solicitors and SIA group.
Greystone House Brands and MCR collective were advised by Brabners solicitors.