// Just Hype rescued by Birmingham-based investor Sarjon Dulai in pre-pack deal, saving all 82 jobs
// The streetwear retailer will continue to trade online and through its stockists under new its new ownership
Just Hype has been rescued in a pre-pack administration deal which will see all 82 jobs saved.
Birmingham-based investor Sarjon Dulai has snapped up the streetwear retailer for an undisclosed sum after it entered administration on 31 March, Drapers reported.
Under its new ownership, the retailer said there will be no significant change to the business or its products and will continue to trade online and through stockists.
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Just Hype appointed Carl Jackson and Kelly Mitchell of Quantuma Advisory as administrators last month after it battled with falling sales and excess stock accumulated during the pandemic.
Co-founder Bav Samani said: “As with many online retailers we expanded very aggressively during Covid and in the aftermath were left with a large stock overhang.
“In addition, we had spent a considerable amount on advertising which although elevated the brand significantly left us heavily indebted.
Samani said falling sales amid the cost-of-living crisis left the brand “very exposed and unable to trade effectively”.
“Our new investor has a strong international distribution network which will be of mutual benefit to us both as the brand continues to grow both domestically and internationally,” he said.
“We do not anticipate any significant changes to the business, our products or services, or our commitment to our customers.
“Instead, the new investors will enable us to continue to grow and operate with greater strength and agility, helping us achieve our long-term goals and objectives.”
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