Bag brand Crumpler, which last year celebrated 25 years in business, has been placed in voluntary administration.
The Crescent Capital-backed company, founded in melbourne in 1995 by Dave Roper, Will Miller and Stuart Crumpler, last year took over fashion label Tigerlily, which itself had been placed in administration.
Company documents show Mr Roper is still a director of the business, with Crescent managing partner Michael Alscher the other director.
The company’s most recent financial report, for the 2019 financial year but lodged with ASIC in April this year, says the company had to shut its stores across Australia and Southeast Asia for six weeks from late March 2020, although the company’s online sales “experienced a strong uplift … over this period’’.
The company made a net loss of $8.45m in the 2019 financial year following a loss of $8.51m the previous year, and its current liabilities exceeded its current assets by $15m at the end of the reporting period. Revenue had increased from $19.7m to $21.7m.
“The group’s key shareholder, Crescent Capital Partners, have given an undertaking that Crescent Capital Partners will provide sufficient financial assistance to the group as and when it is needed to enable the…