Background
Founded in 2008 by Justin Cameron and Lex Pedersen, SurfStitch grew rapidly into Australia’s leading online surf and streetwear retailer, listing on the ASX in 2014 at a peak valuation of over $500 million. Aggressive acquisitions in media and content proved difficult to integrate and monetise. In 2016 the company faced shareholder class actions, significant write-downs and regulatory scrutiny; it entered voluntary administration in 2017 and was subsequently acquired by Alquemie Retail Group.
In September 2024, Best Markets Pty Limited a specialist asset manager focused on digital and marketplace businesses acquired the business which completed on 31 May 2025. Trading had deteriorated materially over the preceding Christmas period, and on 29 May 2025 Nike Australia commenced a winding-up application. When agreement could not be reached on withdrawal of the winding up petition, Best Markets elected to pursue a formal restructure. Administrators were appointed on 6 June 2025 under section 436A.
The Deed Proposal
In July 2025 Olvera Advisors was appointed to act as deed advocate for Best Markets, shaping and advancing the Deed of Company Arrangement proposal. The DOCA provided for a $320,000 cash contribution payable in instalments to October 2025, plus surplus cash at bank, forming a DOCA Fund assigned to a Creditors’ Trust.
The trust structure was pivotal, it settled guarantee claims with secured lenders, whose consent was conditional on claims transferring out of the company, and allowed SurfStitch to exit the DOCA quickly and enter new funding agreements.
