It’s back to square one at collapsed beauty and skincare roll-up BWX, whose receivers KPMG have officially hung the for-sale sign at its digital brands which the management had been trying to sell since last year.
have officially hung the for-sale sign at its digital brands that the management had been trying to sell since last year.KPMG’s set a Friday deadline for expressions of interest in BWX Digital’s assets and ops, which includes nature-focused brands Nourished Life and FloraHighlights sent to potential investors said BWX Digital tallied up $32.5 million combined platform sales for the 2022 financial year, across 115,000 active customers and 337,000 loyalty program members.
The receivers pitched the portfolio as a “prime turnaround opportunity with multiple levers to deliver immediate upside” across investment in inventory, targeted marketing spend, new brands and international expansion. It’s a pithy pitch that can almost make one forget BWX shares’ spectacular 97.4 per cent fall since their peak just five years ago. Debt had a big part to play in that and would loom large on any potential acquirer’s minds.
KPMG had all options on the table for BWX Digital including recapitalisation or restructure or sale as a going concern. It would be hoping to pay back $105 million owed to senior lender, CBA.
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