Business advisory firm Quantuma has completed the pre-pack administration sale of Cocoa Cashmere Limited.
Established in 2010, the London-based clothing brand offers its customers a range of luxury cashmere items online, as well as from a wholesale site in West Hampstead for local customers.
Despite revenues of £1.4m in the year ending March 2019, the company came into financial difficulties following a steep drop in custom in 2020 as a result of the Covid-19 pandemic.
Quantuma’s Nick Simmonds and Chris Newell were appointed as joint administrators on 26 November 2020 and secured a sale to Chantemere Limited “instantaneously”.
Quantuma added that the accelerated sale of the fashion retailer has seen a “seamless transfer” of the company’s assets, leases on the trading premises and all four of its employees – retained by way of TUPE – to Chantemere Limited.
Nick Simmonds, director at Quantuma said: “12 months ago, we could not have predicted the unprecedented impact the Covid-19 pandemic would have on our economy. Retail is one of the sectors that has suffered as national and local lockdowns regrettably drew shoppers away from the high street.
“The smooth transfer of the Coca Cashmere London’s assets and employees has meant that the brand has been able to continue trading and fulfil customer orders. We’re proud of the result and look forward to seeing the company growing from strength to strength again with Chantemere Limited.”