Mon, 03 Jul 2023 | BUSINESS SALE
Yorkshire-based online fashion retailer DBS – which trades as SikSilk - has been sold out of administration to Axel 123 Ltd in a pre-pack sale. The company had faced an array of challenges over recent years, including reduced customer spending.
The company, which was founded in 2013, is based in Scarborough. The firm sells clothing inspired by sports and streetwear to customers throughout Europe via its own online store and through third-party retailers such as Zalando.
In accounts for the year ending May 31 2021, the firm reported turnover of £21.9 million, down from £40.8 million a year earlier, while it fell from a £5.6 million pre-tax profit to a loss of £1.8 million.
As a result of its financial struggles, FRP Advisory’s Anthony Collier and Simon Farr were appointed as joint administrators for DBS Clothing Ltd, DVS Europe Ltd and DBS Online Ltd on June 22 2023. Upon their appointment, the joint administrators immediately closed a sale of the businesses and their assets to Axel 123 Ltd – which includes figures from DBS’ previous leadership.
FRP partner and joint administrator Anthony Collier said that the administrators would “continue to work with the purchasers to ensure a smooth transition.”
Collier added: "The retail sector has faced significant challenges since the start of the pandemic coupled with cost inflation and reduced customer spending in light of the cost-of-living crisis. Like many businesses, DBS was unable to navigate through these challenges. This deal has helped save more than 50 jobs, and will allow the brand to move forward.”
Read about the latest regulations on pre-pack administrations.
Read about M&A in the fashion industry.
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