Brandbank Group has announced its intention to acquire stationery retailer Kikki.K for an undisclosed amount.
Brandbank will acquire the business from the company's administrators Quentin Olde and Liam Healey from global advisory firm Ankura.
Upon sale conditions being met, Kikki.K will join Brandbank's portfolio of brands which includes Seed Heritage, French Connection, Allkinds and Commonry.
In the transaction, Kikki.K will maintain the majority of head office employees, the retail team, its online store plus approximately 30 retail stores.
Brandbank CEO David Thomas welcomed the acquisition of the business.
"We are delighted to have Kikki.K join our stable of world-class brands.
"Kikki.K has a strong following of passionate customers and a loyal team behind it.
"Our focus is to work together with the Kikki.K team to create a successful future for the brand.
"We’re looking forward to expanding the online store, reenergising the retail store network as lockdown restrictions are lifted, improving the customer experience and exploring medium-term international opportunities for Kikki.K.
"We believe the brand has a bright future," he said.
Kikki.K was founded by Kristina Karlsson in 2001 and grew to service customers in more than 140 countries including Australia, New Zealand, Singapore, Hong Kong and the UK.
Once the acquisition is completed, Brandbank aims to resume trading of the Kikki.K stores from November 01 in line with the
easing of COVID-19 restrictions.
It is intended to have all stores open in time for the Christmas shopping season.
Meanwhile, the online store will continue to operate throughout this period.
"The sale to Brandbank is a great result for the business and its stakeholders, including employees and creditors," administrator Olde said.
"The sale ensures job security for employees who will retain their jobs as stores reopen and the ability for the iconic brand to continue under strong management and stewardship.
"Once the sale is completed the Administrators will update creditors on the administration process and outcomes," he said.
Brandbank Group was founded by Peter Lew and operates across Australia, New Zealand, Singapore, Hong Kong, the USA and Canada.