Fri, 24 Apr 2020 | ADMINISTRATION
Faversham-based diving retailer Simply Scuba, winner of the UK’s Diving Retailer of the Year ten years in a row, has appointed administrators.
Simply Group is well-known in the UK’s diving sector, having been trading for 25 years in Kent, and employs 32 staff.
In addition to the Simply Scuba brand, Simply Group also operates through other brands including Simply Swim and Simply Hike, specialising in outdoor clothing and equipment.
It is thought that the company has succumbed to the impact of coronavirus pandemic on retailers, however, reports indicate that the administrators are looking to sell the company, rather than cease trading entirely.
Administrators have asked for interested parties to submit their bids by Thursday April 30. There is expected to be considerable interest in the business from bidders, but it remains unclear whether a sale will be possible given the current economic climate.
Simply Scuba Ltd’s most recent balance sheet was filed to the year ending August 31 2018. At the time, the company reported having fixed assets of £423,126, up from £332,737 the year prior. Its current assets were listed at £1.66 million, slightly up from £1.65 million in 2017, while its net assets were £354,444, down from £571,839.
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Established for approximately 6 years – this company has grown to become one of the leading pet and aquatic retail businesses in the area. It has a predominantly domestic customer base – the vast majority of its sales are to the domestic market.
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