News Article Greenpoint investment Poland retail Top Secret
by Property Forum | Investment

Redan has signed an agreement to sell the Top Secret brand's chain of stationary and e-commerce shops. The buyer is the company Greenpoint, which is also to take over the brand's trademark.

Redan has made a conditional sale to Greenpoint of assets related to the running of the 'Top Secret' clothing brand business. Completion of the transaction is still subject to the fulfilment of several conditions precedent, including the approval of the Polish Office of Competition and Consumer Protection. It should be closed by the end of June this year. The value of the transaction has been set at between PLN 11 and 14 milion.

Greenpoint owns a chain of approximately 215 clothing shops of the same brand. The transaction primarily involves the sale of the protection rights for the 'Top Secret' and 'DryWash' trademarks, the rights to internet domains relating to the 'Top Secret' brand business, including the domain. On the basis of a separate agreement, Greenpoint is also to buy the organised part of the business of the Top Secret Fashion Story company running the "Top Secret" brand shops and the e-commerce. 

The value of the sale transaction by Redan has been determined in the range of PLN 11 to 14 million. Ultimately, it will depend primarily on the turnover generated from the sale of goods bearing the 'Top Secret' and 'DryWash' trademarks, as well as other products offered in 'Top Secret' shops, over a period of 18 consecutive months starting from January 2024.

"Our aim is to specialise in contract logistics services provided to external customers on a logistics operator basis. Focusing on such activities will allow us to make full use of the resources we have, including, among others, the warehouse space we maintain. Redan will continue to handle all logistics operations of the 'Top Secret' brand business. This will ensure the achievement of stable profitability in the development of our perspective business", said Bogusz Kruszyński, President of Redan SA.

The implementation of the transaction of the sale of rights to trademarks will depend on the fulfilment of several conditions precedent. It will be necessary to obtain the consent of the Office of Competition and Consumer Protection and to obtain the consent of Redan's financing bank to release part of the collateral for loans granted to Redan. All conditions precedent should be fulfilled by 30th of June, 2024.