British outdoor brand Alpkit has received investment to secure their long-term future.
The confirmation of the brand’s financial restructuring came yesterday, after Alpkit announced it was exploring a pre-pack process earlier this week. This process meant that Alpkit went into administration in order to be purchased by new investor, Jeroen van der Berge.
“What excites me about Alpkit is the strong heritage and values, leading product credentials, direct-to-consumer model and loyal membership base,” van den Berge, who is described as "an experienced investor, operator and outdoor enthusiast", said in a statement.
The restructuring came after three years of mounting economic pressures resulting from the combined impact of inflation, a challenging retail environment, new trade barriers and post-pandemic recovery loans. Despite increased turnover, Alpkit's losses grew to £1.4 million in the year ending 2024, according to company accounts.
In response to the restructuring, Alpkit’s CEO, David Hanney, acknowledged the loss sustained by shareholders when the company went into administration.
"While today is a day of reflection on the challenges that led to this restructure - and we deeply regret the impact on our creditors, partners and shareholders - it is also the start of a vital new chapter," Hanney said.
"Under new ownership, Alpkit becomes a well-funded, more resilient business." In 2020, Alpkit raised £1.5 million through these shares, and have said that all existing crowdfund shareholders will be offered a stake in the new company.
The financial restructuring will protect all 194 jobs across retail, warehouse, manufacturing, central teams and senior leadership, an Alpkit spokesperson stressed. An outdoor enthusiast himself, new investor Van den Berge will join as Non-Executive Chair.
“Under new ownership, Alpkit becomes a well-funded, more resilient business," Hanney said. "We are keeping our team together and our purpose unchanged: to help people Go Nice Places, Do Good Things.”
“Our stores are open, our customer orders are being fulfilled, and our lifetime technical guarantee, the Alpine Bond, remains as strong as ever,” Alpkit’s statement concluded.
