Samurai restructure turns focus back to core sports
UK-based Samurai Sportswear, maker of custom team apparel for sports clubs and universities, has secured a deal to navigate covid-19’s negative impact on the business.
Working with insolvency specialist firm Parker Andrews, the company has restructured its debt, obtained new investment and consolidated its market positioning. Samurai used a “brief pre-pack administration sale and purchase process” to ensure it could continue servicing customer contracts, delivering product and maintaining operation of its wholly-owned manufacturing facility.
The company said it has “pulled back” from serving non-core sports, market segments and territories to concentrate on rugby, netball, hockey, cricket and education segments.
No existing customers will be affected by the consolidation, Samurai said, though some jobs were cut. The core management team will remain.
“The Covid-19 pandemic and its subsequent lockdown effects has decimated sport all over the world. Most commercial companies are suffering low customer demand, and many have gone or will go under. As a family business we’ve had to make some very difficult decisions in recent months,” said Terry Sands, CEO. “We have consolidated our focus back on to the sports and markets where we have most strength and stability.”
