MELBOURNE: Embattled wholesale group Mercury Brands Group has been purchased by Australian Horizons Trading, run by ragtrade veteran Jeff Moss.
The company went into receivership last week, with a reported annual turnover of $28 million. The company, formerly trading as Austin Group, had recorded consecutive losses with an $11.4 million hit for the 2008/09 financial year.
The acquisition includes more than 20 brands and licenses across women's, men's and children's clothing. It also includes the purchase of inventory, forward orders and the existing debtor book.
Moss said secured creditor Commonweatlh Bank will receive its full entitlements, while unsecured creditors will receive "a very strong return." He also confirmed that employee entitlements would be paid in full.
Moss confirmed all forward orders placed by retailers would be delivered.
The Mercury Brands acquisition includes fashion labels No Fear, Purr, French Kitty, Crusty Demons, KANGOL, Roar, ROCHFORD Australia, itsu, voodoo dolls, Contempo, Billiecart, paperdolls, Milly, Leroy, Jimmie Jams, Playground and Nuggets.
Moss purchased Australian Horizons in August this year and also Funtastic Footwear in June.
Jeff Moss has previously owned brands including Rockmans and Table Eight.
For more information on the acquisition pick up a copy of Ragtrader, October 23 edition.