Joint administrators Carl Jackson and Kelly Mitchell of Quantuma were appointed as administrators by the owners of the Just Hype brand and business on March 31st. The sale of the business and its sister company’s assets concluded shortly afterwards to Lux360 and JHB2C which are connected to Sarjan Dulai. The jobs of all 82 employees have been secured.
Just Hype was launched in 2011 and sold direct to consumers via its own website as well as wholesaling to other retailers. Its products include licensed ranges featuring a range of film and TV characters from the likes of Disney, The Simpsons and Star Wars. It had operated a store in London’s Carnaby Street and, at its height, had been included in the Sunday Times Virgin Fast Track 100 list of fast growing private companies.
Quantuma said: “The business was adversely affected by the Covid pandemic which was further compounded by the cost of living crisis. Just Hype has a globally-recognised brand presence, regularly collaborating with other established brands.
“However, the investment in marketing to raise profile did not translate into revenue, a a result of public reduction in spending on non-essential items.
“Our strategic accelerated sale process enabled us to protect the value in the brand and the established online platform, to improve realisation prospects. The absence of a break in supply of goods and services is also likely to ensure a more effective debt collection process to ensure realisations are maximised on behalf of creditors.”
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