Mon, 18 Dec 2023 | BUSINESS SALE
A Birmingham-based business offering e-commerce solutions to a range of high-profile clients has been acquired out of administration in a pre-pack deal. Eastside Co has been acquired by ESC Ecom, a firm comprised of Eastside's former management team, in a deal that safeguards 58 jobs.
Few details have been made public regarding the struggles of Eastside Co, which has offices in London, New York and Dubai, in addition to its three Midlands bases in Birmingham, Lichfield and Brierley Hill. The pre-pack acquisition was brokered by Midlands insolvency specialist Currie Young.
Eastside Co was founded in 2012 and worked with global brands to plan, launch or grow Shopify business solutions. Clients of the business included major organisations and brands such as the British Red Cross, Nike, Carex and Unilever. In addition to its Shopify solutions, the firm also provided services including marketing, web design and app development.
Justin Brown, Director of Currie Young, commented: “We are delighted that we have been able to find a deal to rescue the company and save 58 jobs. The company has been sold to ESC Ecom Limited, which is made up of Eastside Co’s former management team."
“By working with all stakeholders, we have been able to find a solution to save what is, at its core, a sound business.”
In its accounts for the year ending March 31 2022, Eastside Co Ltd’s fixed assets were valued at £38,241 and current assets at slightly over £2.2 million. At the time, the company’s net assets amounted to £545,503, compared to just under £424,000 a year earlier.
Retail, including e-commerce, has been among the industries worst affected by the numerous adverse trading conditions impacting UK businesses. During the third quarter of 2023, Insolvency Service figures show that the whole and retail and trade market saw the sharpest increase in insolvencies of any sector, as retailers struggled with low consumer confidence, high borrowing costs, inflation and interest rates.
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