The Seafolly Group consistently relied on shareholder funding, right up to the appointment of administrators this year.

From July 2018, the Seafolly Group had drawn down $23.5 million across five different shareholder loan agreements, capitalising interest to the value of $3.8 million for this period.

No repayments of principal or interest were made to this sum.

Meanwhile, an additional $12.5 million was owed to secured creditor ANZ at the time of appointing administrators in June.

In 2014, private equity fund L Catterton purchased a controlling interest (70%) in the swimwear brand and proceeded to acquire the remainder of the equity.

The shareholder in Seafolly Holdings is an L Catterton entity, Swimwear Holdings.

To read about Seafolly’s impact on trade creditors, keep an eye out for the next edition of Ragtrader magazine.

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