Posted on 7 February 2017
Four jobs have been saved at Chesterfield based FieldCandy after the company was sold out of administration by appointed Administrator, Dean Nelson of Smith Cooper.
Designers and creators of stylish and unique outdoor products FieldCandy launched with a single tent product sold via the company’s website. The company then brought both print and manufacture in-house and developed collaborations and partnerships with high profile designers including Paul Smith, Hello Kitty and Iron Maiden, as well as celebrities including Rihanna, Foo Fighters and Kelis.
Despite the staycation, festival and camping markets increasing, FieldCandy, established in 2011, ran into financial difficulty due to sales being insufficient to maintain the level of overhead.
Dean Nelson, from Midlands based accountancy and business advisory firm Smith Cooper, was appointed administrator on 3rd February 2017.
Following the appointment, a sale was completed to Hubaco Ltd, the Alfreton based company behind the lightest tent in the world and some of the world’s best known premium outdoor brands, including Terra Nova, Wild Country Tents and Extremities.
Dean Nelson, Head of Business Recovery & Insolvency at Smith Cooper commented: “Having established a solid reputation in this niche sector, FieldCandy unfortunately ran into cash flow problems.
After an accelerated sales process, we were approached by Hubaco Ltd who were interested in acquiring the company. With its complementary outdoor equipment and clothing brands plus its manufacturing facility, Hubaco Ltd is a great fit and we are confident that the acquisition will further strengthen the group’s offering as it continues to grow.”
Andy Utting, Managing Director of Hubaco Ltd added: “We are delighted that Hubaco Ltd could take on this leading outdoor product manufacturer. Our brands have over 25 years of history within the outdoor equipment and clothing sector and the acquisition of FieldCandy will allow us to further diversify our offering.”
Rachel McCahill of Nelsons solicitors led the legal advice for FieldCandy, with Fraser Cunningham of Smith Partnership providing legal advice to Hubaco Ltd.
Despite the business being sold out of administration and the jobs preserved, there is unlikely to be any dividends paid to creditors.