Rugby kit maker Samurai seals rescue deal

Samurai Sportswear, which makes rugby kits for the likes of Exeter Chiefs and Sale Sharks, has sealed a rescue deal after the suspension of sport took the business to the brink of collapse.

The Norfolk-based sportswear firm used a "light-touch administration" over the weekend to restructure debts and obtain new investment.

The company warned of redundancies but said "a substantial number" of its 44-strong staff would keep their jobs.

Terry Sands, its founder and chief executive, said: "The Covid-19 pandemic and its subsequent lockdown effects has decimated sport all over the world. Most commercial companies are suffering low customer demand and many have gone or will go under.

"As a family business we've had to make some very difficult decisions in recent months."

Mr Sands led a management buyout of Samurai in 2010 and subsequently attracted funding from the likes of BNP Paribas-backed investor Caple.

The kit maker had expanded into 24 countries, diversifying away from rugby into the likes of netball and cricket.

Samurai said it would concentrate on a smaller number of sports following the restructuring.

The company said: "No existing customers will be affected by this new focus."

Mr Sands said the decision to call in administrator Parker Andrew was to "secure as many jobs as is feasible, and to make sure the Samurai brand survives in readiness for the economy picking up again".

Rugby matches were suspended during the Covid-19 lockdown, returning only in September. Other sports such as cricket held matches earlier with players remaining in a "biosecure bubble" to protect against contracting the virus.