Seasalt reportedly exploring sale following strong summer trading

Seasalt is reportedly considering putting itself on the block following a strong period of sales at the Cornish fashion and lifestyle brand.

The company experienced a rise in sales in the summer as Covid restrictions resulted in a boom in domestic travel, and now founding brothers Leigh, Neil and David Chadwick are in early talks about selling the business, The Telegraph reports.

A Seasalt spokesperson commented: “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.”

The potential sale could result in a payday for the Chadwicks, which remain the company’s biggest shareholders, and could lead to an exit for investors BGF and Santander, according to The Telegraph.

BGF and Santander invested 16 million pounds in the business three years ago.

Seasalt sells women’s clothing, footwear and accessories inspired by maritime heritage in over 150 countries.

In its most recent full-year report ending February 2020, the company reported a 14.7 percent year-on-year growth in sales to 75.37 million pounds, while its operating profit came in at 0.98 million pounds compared to 3.32 million pounds a year earlier.

Its profit before tax was 0.63 million pounds compared to 3.04 million pounds the previous year.