Administrators of Gold Coast company SurfStitch have sold British retailer Surfdome for $11m

BURLEIGH-based SurfStitch Group has offloaded another of its offshore businesses as administrators look to refocus and rebuild the struggling company.

SurfStitch Chief Executive Officer Mike Sonand and Chairman Sam Weiss. Photo: Hollie Adams

BURLEIGH-based SurfStitch Group has offloaded another of its offshore businesses as administrators look to refocus and rebuild the struggling company.

British-based e-commerce operation Surfdome will be sold to another British company for $11.8 million, including an upfront cash payment and a deferred consideration — reported to be a fraction of the $45 million paid by SurfStitch three years ago.

in an announcement to the ASX this morning, administrators John Park, Quentin Olde and Joseph Hansell of FTI Consulting, confirmed British company internet Fusion would purchase Surfdome, the leading sports online retailer in the UK.

‘The sale of Surfdome ... continues with the execution of the restructuring plan for the group to sell down non-core assets to focus on the profitable and successful SurfStitch Australian business,” Mr Olde said.

The company was placed into administration in August and was seeking buyers to invest and restructure the failed business.

Surfstitch listed in 2014. Picture: Toby Zerna

Companies including fellow Gold Coast product Billabong have been named as potential suitors, while forensic accountant and SurfStitch non-executive director Abigail Cheadle has confirmed she has submitted a restructuring proposal.

This month’s sale follows those last month of the Magicseaweed and Metcentral surfing content sites for an undisclosed sum, marking a retreat by SurfStitch from the media and online publishing sector.

Last month SurfStitch administrators also sold Rollingyouth, the owner of Stab Magazine, back to its co-founders for a small amount of cash after paying more than $6 million for the publisher in 2015.