Hot Tuna International is selling the eponymous surf wear brand and turning itself into a shell.
Revenues for the year to June 2011 are in line with expectations but cost control has helped to make the loss lower than expected.
Sales in the past four months are 65% higher than the same time last year and gross margins is improving. Overheads are higher. However, current trading is still below budget. This has sparked the decision to sell the business. It will be difficult to raise yet more cash from existing shareholders in order to fund marketing.
Once a sale is made the board will resign, with the exception of Marcus Yeoman. Another director will be appointed and a new investing strategy announced.
© 2021 Aim Micro. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.