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Good news in the insolvency proceedings for surf4shoes GmbH: insolvency administrator Mr Michael Pluta from PLUTA Rechtsanwalts GmbH has succeeded in finding a follow-up solution for the company. Effective 1 March 2023, a subsidiary of Commertunity AG will take over the online retailer’s business operations and assets. All of the approximately 20 employees will be kept on.
The purchase agreement signed last week has guaranteed that the company’s supplier relations and market presence will be fully preserved. “The sale has also been approved by the creditors’ assembly. We expect to achieve a very high dividend for the creditors by selling the company,” stated Mr Michael Pluta, who has kept the business running without restriction for six months, together with the restructuring team led by attorney Mr Ilkin Bananyarli. The team has implemented optimisation measures and successfully repositioned the company during this time. SME consultancy enomyc carried out a structured process of finding an investor under the leadership of Mr Robert Neufeld, partner and head of the Distressed M&A unit, and with Dr Tim Bauer as project manager. This has now been successfully completed. PLUTA attorney Mr Markus Fünning helped to draw up the purchase agreement.
Well-known brand to complement the investor’s portfolio
The investor, Commertunity AG (formerly SPAC THREE AG), is an internationally operating trading company focused on the acquisition, development and management of e-commerce brands and business models. Managing directors Mr Bastian Huse and Mr Philipp Fliegner have many years of experience in the acquisition of companies and equity interests. “surf4shoes has a very good position in the online retailing segment. The brand is well known and the company is operating successfully in 20 European markets. The acquisition therefore perfectly complements our group and portfolio,” summarised the managing directors.
The current surf4shoes managing directors, Mr Janis Salmen and Mr Manfred Faigle, will also assume management roles in the new company. “We are very pleased with the agreement that has been reached. This is an extremely positive outcome, especially for our motivated team, which has done a consistently good job over the past few months,” said Mr Faigle.
Founded in 2006, surf4shoes GmbH specialises in selling branded shoes online. The company has its own online shop and is represented with its range of products on more than 25 online platforms and in over 20 European markets. The company recently recorded annual sales of more than 50 million euros.
On 1 December 2022, insolvency proceedings were opened for the company based in Bitz in the federal state of Baden-Württemberg. The Local Court of Hechingen appointed Mr Michael Pluta from PLUTA Rechtsanwalts GmbH as administrator. He had already been involved as provisional administrator since September 2022.
Rechtsanwalt, Fachanwalt für Insolvenz- und Sanierungsrecht, vereidigter Buchprüfer
Rechtsanwalt, Fachanwalt für Insolvenz- und Sanierungsrecht
Rechtsanwalt, Fachanwalt für Bank- und Kapitalmarktrecht