Rumour: Surfstitch to sell FCS!

Surfstitch flags asset sales after $155 million loss… 

Can you believe it’s been nine months since the online surf emporium Surfstitch scooped up Fin Control System for $A23.7 million? Don’t time fly.

A good buy? Yeah, it was.

Twelve from twelve event wins at one point even if the iconic Australian shaper Maurice Cole describes the FCS II system as the “the worst fucking fin system on the market.”

Several minutes ago, however, BeachGrit’s Bondi bureau received a call from an industry insider who said FCS was back on the market, Surfstitch looking to sell off assets after posting a $155 million loss, its shares falling 45 per cent to 11 cents. The group’s share price, which peaked at $2.09 in 2015, has now collapsed more than 95 per cent.

So what’s that all mean for FCS? SFR (Surfstitch Group Limited) has “flagged asset sales, including a plan to put a subsidiary it bought just nine months ago back on the block,” reports The Australian.

Nine months? FCS.

Want to buy?

In happier news, the ABC reports that “Co-founder Lex Pedersen – who stepped in as interim chief executive after the departure of Mr Cameron – saw his base salary for the year jump from $280,000 to $634,000… The board failed to declare a dividend, although this was not a surprise.