UK-headquartered street style brand rescued from administration
Joint administrators from our Restructuring and Advisory Division have completed a sale of UK headquartered street style retailer, Just Hype Limited (Just Hype).
Our Restructuring and Advisory Division chief executive Carl Jackson and director, Kelly Mitchell were appointed as joint administrators of Just Hype on 31 March 2023, and completed a sale of the business and assets shortly afterwards.
Just Hype was established in 2012 and operated from headquarters located in the East Midlands. The company’s target market is primary and secondary school aged children and it primarily sells direct to consumers through its online platform and from a single retail store located on Carnaby Street, London. According to its latest accounts filed in December 2020, the business reported a turnover of £22.8m.
The business has been jointly acquired by Lux360 Ltd and JHB2C Ltd who also acquired sister company Toatee Limited, which facilitates the sale of products through high street retailers and other online retail platforms.
The transaction secures the jobs of all 82 members of staff and enables the brand to continue to thrive and the business to move forward without the burden of legacy debt.
The store located on Carnaby street has closed, following the forfeiture of the lease prior to the involvement of the joint administrators.
Our Restructuring and Advisory Division joint administrator Kelly Mitchell said, “The business was adversely affected by the Covid pandemic which was further compounded by the cost-of-living crisis. Just Hype has a globally recognised brand presence, regularly collaborating with other established brands. However, the investment in marketing to raise profile did not translate into revenue, as a result of public reduction in spending on non-essential items.
Our strategic accelerated sale process enabled us to protect the value in the brand and the established online platform, to improve realisation prospects. The absence of a break in supply of goods and services, is also likely to ensure a more effective debt collection process to ensure realisations are maximised on behalf of creditorso
I am delighted to have been able to complete the sale of this popular worldwide street fashion brand, and in doing so, securing all roles of all staff members”.
