All 82 jobs have been saved after a Birmingham investor stepped in to buy British fashion brand Just Hype in a pre-pack administration deal.
The Leicestershire-based business, which uses the Hype trade mark on its ranges, had suffered from a double whammy of overinvesting during and after the pandemic and a big hit from the current cost-of-living crisis.
Quantuma chief executive Carl Jackson and director Kelly Mitchell were appointed as joint administrators on March 31, and sold the business and its assets shortly afterwards. All jobs have been saved.
It was acquired by Lux360 and JHB2C, which also acquired sister company Toatee which is involved in the sale of products through high street and online retailers. The new owners are based in Edgbaston, Birmingham, and connected to investor Sarjan Dulai.
A Hype flagship store which opened in Carnaby Street, London in 2021, closed following the forfeiture of the lease prior to the involvement of the joint administrators.
Quantuma 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 creditors.”
Just Hype was launched in 2011 by Bav Samani and co-directors Liam Green and Vin Patel, selling clothes and accessories through its own website and other retailers’ sites and stores.
It has been involved in a number of high-profile collaborations including licensed clothing featuring The Simpsons, Coca-Cola, Star Wars, Jurassic Park and Disney.
In recent years it was recognised as one of Britain’s fastest growing private companies in lists such as the Sunday Times Virgin Fast Track 100.
Two years ago Mr Samani told BusinessLive the pandemic had not held back growth plans, with the business planning further overseas expansion.
At the time he said despite the first lockdown putting a temporary halt on orders from high street stores, web sales had made up for the shortfall as the nation turned to online shopping.
Changing lifestyle habits during the pandemic had also seen a rise demand for loungewear with people wanting to dress comfortably at home.
Drapers online last week reported Mr Samani as saying that the business expanded too aggressively during and after the pandemic. He said the new investor has a strong international distribution network, which would enable the business to thrive.
