Grab Industries’ portfolio of brands has survived the aftermath of its collapse last month, with liquidators confirming the sale of assets to a new corporate entity, Grab Denim Pty Ltd.
Grab Industries commenced trading in 2005 and was co-owned by Grant Moffitt and Amanda Gilham. Liquidator James Patrick Downey recently told Ragtrader the company had been a victim of tough retail conditions, with documents from the Australian Securities and Investments Commission revealing a creditor toll of $2.3 million.
While Downey told Ragtrader the purchase of Grab Industries’ assets had been formally finalised in the wake of its demise, the current owners of its eight brands have moved to distance themselves from the liquidation, claiming a contract of sale to purchase the brands was finalised in May 2010. Ragtraders David Fisher and Shayne Liddell said the labels are currently managed from their head office in Byron Bay, with production and sourcing managed from a Hong Kong office.
“I want to clarify the ownership of specific brands that used to trade under the Grab Industries company to ensure there is no confusion about the ownership and ongoing trade of these brands,” Fisher said. “In May 2010, myself and partner Shayne Liddell finalised a contract of sale to purchase the following brands from Grab Industries: Grab, Endless Spirit, Mink Denim, Earth Angel, Flowerfield, Caffine, Aqua G and Angel Baby.”
Fisher said the focus for the brands was wholesale distribution in Australia and overseas, with 200 independent accounts across the country and dealings with department stores Myer and David Jones. When contacted about the alleged May 2010 sale, liquidator Downey said it was akin to “placing a deposit down on a house”.
“It was a progressive deal; there was a contract afoot to purchase the various assets and there had been discussions last year. The buyers put forward a new corporate entity as a nominee for the purchase - Grab Denim Pty Ltd.”
Assia Benmedjdoub