Over 80 jobs saved as Brum firms buy fashion brand out of administration
Some 82 jobs have been saved after Leicester-based fashion brand Just Hype was sold out of administration.
Quantuma chief executive Carl Jackson and director Kelly Mitchell were appointed as joint administrators of Just Hype on 31 March, and completed a sale of the business and assets shortly afterwards.
Just Hype was established in 2012. The company’s target market is primary and secondary school aged children and it primarily sells direct to consumers through its online platform and from a single retail store located on Carnaby Street, London. According to its latest accounts filed in December 2020, the business reported a turnover of £22.8m.
The business has been jointly acquired by Birmingham-based Lux360 and JHB2C, who also acquired sister company Toatee, which facilitates the sale of products through high street retailers and other online retail platforms.
The store on Carnaby Street has closed, following the forfeiture of the lease prior to the involvement of the joint administrators.
Mitchell said: “The business was adversely affected by the Covid pandemic which was further compounded by the cost-of-living crisis. Just Hype has a globally recognised brand presence, regularly collaborating with other established brands. However, the investment in marketing to raise profile did not translate into revenue, as a result of public reduction in spending on non-essential items.
“Our strategic accelerated sale process enabled us to protect the value in the brand and the established online platform, to improve realisation prospects. The absence of a break in supply of goods and services is also likely to ensure a more effective debt collection process to ensure realisations are maximised on behalf of creditors.”