A failed online sunglasses retailer has been bought by a subsidiary of Surrey-based Fabris Lane.
Julie Swan and Mark Phillips from PCR were appointed as joint administrators of Red Hot Sunglasses Ltd last month after the business, based in Hoults Yard, felt into difficulties after a tough trading period.
A number of staff were made redundant in January prior to the administrators appointment.
The company had enjoyed a surge in business during 2013 and hoped to double its turnover of £3m to £6m as it sought to become the number one independent supplier of high-fashion sunglasses. It had expanded into Australia and was planning to focus efforts on European and Japanese markets this year,
A subsidiary of Fabris Lane, which designs, manufactures and distributes specialist eyewear, has now agreed to buy the business and assets of Red Hot Sunglasses for an undisclosed sum and it is believed the company will retain its premises in Newcastle for the forseeable future.