Smiffy’s, which was operated by RH Smith & Sons (Wigmakers) Ltd and had traded for 130 years, has been acquired out of administration by a California based business. Ad Populum LLC acquired the business and its assets from administrators Jane Steer and Sarah O’Toole of PwC.
Smiffy’s suffered a near-fatal drop in demand during the pandemic when parties and other fancy dress-wearing opportunities like carnivals were outlawed. This impacted both the retail side of Smiffy’s and its much larger wholesale business, which sold to some 2000 stockists around the world.
It had begun to recover its position, and its directors expected the business to achieve a return to profit this year, but the company had difficulties securing adequate finance facilities.
Like Smiffy’s, one of Ad Populum’s subsidiaries, Rubies II, is a costumes business offering synergy with the new acquisition.
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