Seasalt explores sale after strong year
Cornish fashion brand founded by three brothers in 2004 in early talks with new investors
Cornish fashion brand Seasalt is exploring the possibility of a sale, after seeing its annual sales boosted by nearly £10 million over the past year. The Falmouth-based brand, which sells a wide range of clothing, was founded in 2004 and has grown to have a store network of more than 70 locations, with its clothing sold in over 150 countries via several third-party websites.
Despite warning earlier in the year that store closures during COVID-19 lockdown would impact its profits, Seasalt recorded sales of £75.3 million this year, compared to £65.6 million for the year ending February 2020.
The uptick in sales comes in the wake of widespread domestic holidaymaking during the COVID-19 pandemic. The company undertook a digital transformation prior to the UK’s first lockdown and this has helped it offset the impact of a drop in store sales, with online sales increasing 95 per cent in January 2021 compared to the year before.
Never Miss a Retail Update!The retailer was founded by brothers Leigh, Neil and David Chadwick. The Chadwick brothers remain the brand’s majority shareholders following a £16 million investment from Business Growth Fund (BGF) and Santander three years ago.
A spokesperson for Seasalt said: “Seasalt is enjoying a strong year and has ambitious plans for the future. As part of those plans, we are in the very early stages of exploring a number of options to support further online and offline growth both in the UK and internationally. We have no further information to share at this time.”
