Slimma agrees name change following brand disposal

STAFFORDSHIRE clothing manufacturer Slimma has agreed to change its name following the sale of its own-name brand to internet-based fashion retailer N Brown.

The Leek-based firm will now be known as CDU plc. The change was agreed by shareholders at a general meeting and it is anticipated the new name will become effective by February 21. Until then, the company will continue to trade as Slimma plc.
 
N Brown acquired the Slimma and Splendour lingerie brands in an £800,000 deal last month. The online retailer also acquired the intellectual property rights of the two brands and it is incorporating them into its portfolio.

Slimma has been struggling for some time following the downturn in the fashion retail industry and last year disposed of some of its other loss-making brands.

The sale has meant job cuts at its clothing factory as it looks to claw back revenue from the loss in assets.

Slimma is a recognised skirt and trouser brand and was being sold through N Brown subsidiaries JD Williams and Julipa prior to the sale. Splendour is a lingerie brand sold through the Figleaves website and also by Simply Be and Fashion World.
 
In a statement, Slimma said: “There are several other completion requirements in relation to the disposal which are yet to be fulfilled and a further announcement will be made in due course in relation to the completion of the disposal.”

This is likely to include the steps to be taken to deal with the reduction in the company’s net assets.