Midlands-based exercise underwear retailer Runderwear has been sold in a pre-pack deal to luxury lifestyle brand Masters of Mayfair.

Previous owner Chambers Ling had called in administrators at the end of last November with debts amounting to over £1.3 million, according to documents seen by TheBusinessDesk.

However, Runderwear has now been sold for just £80,000 to Masters of Mayfair after RSM Restructuring Advisory was appointed to look after the day-to-day running of the company.

Documents released by the administrators showed that Chambers Ling owed £1.31 million to 32 creditors when it was sold, including over £80,000 to HMRC, over £24,000 to Amazon and £25,500 to American Express.

Chambers Ling, which was based in Melton Mowbray, operated online and sold its products through channels such as Google, Facebook, Amazon and its own website.The company had faced financial difficulties due to cost inflation among a challenging post-Covid e-commerce environment, said the administrators.

Masters of Mayfair, which specialises in sleep and travel products, including sleep masks, sleep scents and luxury compression socks, has yet to comment on the purchase and how Runderwear will fit into its portfolio.