The administrators of Surfstitch, FTI Consulting, has announced the sales of the brands UK subsidiary, Surfdome.
Sold to UK based sports and adventure retailer, Internet Fusion, Surfdome is the leading board sports online retailer based in the UK, delivering to surf, skate and snow customers across Europe.
Joint administrator Quentin Olde said the sale would allow the Surfstitch business to continue its restructuring and return to profitability.
"The sale of Surfdome to a synergistic Buyer, Internet Fusion, is a good outcome for the ongoing growth of the Surfdome business and continues with the execution of the restructuring plan for the group to sell down non-core assets to focus on the profitable and successful SurfStitch Australian business”.
The sale of the business amounted to $11.8 million AUD, with Internet Fusion paying cash.