Fashion resale platform gets second chance in pre-pack rescue

A Staffordshire circular economy company specialising in the resale, reuse, and recycling of textiles, plastics and other materials has acquired the trade and assets of Thrift+ through a pre-pack administration deal.

The acquisition by CTR Group UK ensures the fashion resale platform can continue operating despite recent financial difficulties.

Thrift+ ran into trouble when a major investor withdrew from a signed £2m term sheet, leaving the company without alternative funding.

On March 13, Thrift Retail Ltd, the trading entity of Thrift+, posted a notice of intention to appoint administrators.

Thrift+ CEO Joe Metcalfe shared the news on LinkedIn and said: “Without alternative funding, the company initiated an accelerated mergers and acquisitions (M&A) process to avoid insolvency. The company then contacted over 150 potential buyers, with leadership directly engaging with key interested parties.”

Over the next ten days, Thrift+ worked to navigate the M&A process while continuing operations.

CTR Group UK brings Thrift+ under its umbrella, allowing Thrift+ to continue operating within a larger organisation.

Thrift+ says it remains operational for both its customers and employees.