Arabnews24.ca:Friday 24 March 2023 11:34 AM: The company behind a group of well-known outdoor sports clothing brands is racing to find a buyer months after the collapse of a deal to reverse it into a London-listed cash shell.
Sky News has learnt that FRP Advisory, the professional services firm, has been drafted in to find a buyer for Internet Fusion Group (IFG), which owns fashion labels including Surfdome and Derby House, an equestrian brand.
City sources said that FRP was trying to identify a buyer and conclude a transaction within days.
Under a deal announced in July 2021, IFG was supposed to reverse into Hawkwing, a listed company.
John Browett, the former boss of high street electrical goods retailer Dixons and Dunelm, was lined up to be executive chairman of the combined group, although he is no longer involved with IFG.
Hawkwing itself appointed Kroll, the restructuring firm, as administrators last month.
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Potential buyers of IFG, which also owns Country Attire and Simply Scuba, have been told that cashflow and inflationary pressures have triggered an accelerated sale process.
The company employs about 300 people.
It was unclear on Friday whether contingency plans had been developed in the event of a failure to find new backers.
FRP declined to comment, while IFG could not be reached for comment.