Laced trainer marketplace sold in pre-pack deal after administration, all seven jobs kept

Laced Europe Ltd, a UK online marketplace for buying and selling rare trainers and luxury goods, went into administration last month and has now been rescued. 1 2 Quantuma's Terri Mulgrew and Michael Kiely were appointed joint administrators on 22 September. 2 The company was founded in 2015 and its turnover was reported as £9 million this year. 1 2

Both outlets say it had expanded its workforce, warehouse capacity, marketing and technology spending, and so depended on high transaction volumes to cover its costs. 1 2 In 2022, lower consumer spending, inflation, more competition and higher courier costs hurt sales and margins; management cut costs but ran out of working capital and could not secure further investment. 1 2 A pre-pack sale has since been completed, and all seven employees transferred under TUPE regulations to the buyer, A Beauty Inc Ltd, part of the AA Investments group. 1 2

An AA Investment Group spokesperson said customers and sellers can keep using the platform, with service returning step by step. 1 Mulgrew said she was very pleased with the outcome, which she said saved all employees' jobs and secured the business's long-term viability. 2