Tue, 15 Nov 2011 | BUSINESS SALE
London-headquartered surf wear retailer Hot Tuna International Plc has decided to sell off the Hot Tuna brand due to difficulties in finding the funds to expand.
The group announced that the shareholders' interests would "best be served by seeking a buyer for the Hot Tuna brand and all the assets and liabilities of the company."
The firm, which sells its products in the UK, Australia and the US, has been loss making for the past five years, and has failed to raise the funds necessary to develop the brand into uncharted international markets.
Hot Tuna was set up in Australia as a clothing company by surfer Richard Meldrum and his fashion designer wife Jo-Anne in 1969, and has been selling swimwear, surfing gear, shorts and T-shirts with its piranha and bullhead logos since then.
Once the brand has been jettisoned, the shell company - which may have to change its name - will focus on making acquisitions for Hot Tuna International Plc.
Executive chairman Francis Ball commented, "The Board and management remains enthusiastic about the future of the Hot Tuna brand, and expects the current rate of sales growth, and improved margin, to be sustained."
Hot Tuna’s chairman, chief executive and brand director will step down after the deal has taken place.
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