Seasalt ends sale process amid 'uncertain economy and market conditions'
Cornish fashion and lifestyle brand Seasalt has scrapped plans for its sale process despite being close to striking a deal with Next.
The company had been “looking to accelerate its expansion through new partnerships and access to external capital” following strong sales last summer. However, Seasalt cited an uncertain economy and market conditions for pulling out of the sale process.
The business was founded in 1981 by Don Chadwick, who bought a local workwear shop in Penzance after looking for a rain jacket while on holiday. His son relaunched the brand in 2005, producing designs originally drawn by his wife and inspired by the coastal scenery.
Seasalt said in a statement: "Over recent months, Seasalt has been exploring the option of additional external investment to grow the business at scale and pace. Following a period of meetings with potential investors, we have made a conscious decision to step back from the process and we will not progress with a sale of the business at this point in time.
"Seasalt has seen strong trading in even the most challenging pandemic conditions and has continued to experience positive performance since, both in our shops and online, in addition to successful launches with retail partners such as M&S. The current uncertain state of the market and the many unprecedented external factors affecting the economy obviously do not make this an ideal time for an investment that reflects the strength and quality of our business. Therefore, we will refocus our efforts on driving the business forward and progressing our plans to grow and build on our consistent and successful upward trajectory to date under our existing leadership and ownership structure.
"We believe this is the preferable route to achieving our ambitious business objectives in the present climate. We are approaching the coming months and years with confidence and energy."